Millennium Capital, the expansionary hedge fund that has been hiring investment banks’ traders throughout 2013, has just recruited two fund managers from Citi’s former hedge fund unit, Napier Park Global Capital.
Krishnan Sadasivam, a former partner at Brevan Howard who left the hedge fund in 2011 after the India-focused hedge fund he was poised to manage was never launched, joined Millennium Capital from Napier Park in December, regulatory filings show. Meanwhile, Alex Shaw, a global macro trader at Napier Park, was also hired in the same role by Millennium earlier this month.
Napier Park spun out of Citi as an employee-owned hedge fund with around $6bn in assets under management at the end of last year. It was previously Citi Capital Advisors, an in-house hedge fund running complex credit strategies, but the Dodd-Frank Act and its Volcker rule, designed to stop banks from speculatively trading, prompted Citigroup to spin it off as an independent entity.
The fund is run by Jim O’Brien and Jonathan Dorfman and has nearly 100 employees globally. However, in London, the number of FCA register staff has declined from 22 in December 2012 to nine this month, although many of these were operational staff attached to Citigroup’s central functions.
Mahmood Noorani, who joined CCA as portfolio manager for its global macro strategies team in 2010 from Bluecrest Capital Management, also left the firm in September, the FCA register shows.
Sadasivam is a high-profile hedge fund manager, who co-founded KDA Capital, affiliated to The Children’s Investment Fund Management. Before that, he worked at Fidelity as an analyst.
Millennium has been hiring traders from investment banks this year, including Arnaud Langlois and Cyrus Azarmgin from UBS O’Connor, and Pierre Guez from Barclays as a junior quant trader in November. It has also taken advantage of the closure of SAC Capital’s London office, hiring portfolio managers Johan Levavasseur and Andres Aker this year.