Deutsche Bank's ex-head of program trading just arrived at Millennium

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Deutsche Bank's ex-head of program trading just arrived at Millennium

Yao-Chung King ('Yao King') is back. Six months after wisely leaving Deutsche Bank before the equities business was closed, King has turned up at hedge fund Millennium Management.   

King's LinkedIn profile says his team at Millennium will be called YK Asset Management. It currently seems to consist of one person: Yao King. Others will presumably arrive soon. It's not clear what YK will invest in, but program trading and ETFs seem likely given King's background.

King has worked outside mainstream banking before. Prior to joining Deutsche Bank in 2011 he spent a year at Citadel Securities - the independently-run securities business related to hedge fund Citadel Asset Management. At Deutsche King was first head of program trading and ETF trading for the Americas and then global head of program trading.

Deutsche insiders say King was a popular figure on the trading floor, suggesting that many of his former colleagues will want to join him. King was reportedly the biggest producer in Deutsche's equities business in 2018 after making big money on the VIX dislocation. However, he's thought to have left DB before bonuses for the year were paid.

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