Remember Ryan Sbarra? He's the former head of the sterling rates desk at Deutsche Bank who quit unexpectedly in May. He's just turned up at Millennium Capital Partners in London. And he's not alone.
The UK Financial Conduct Authority (FCA) Register indicates that Millennium has also hired Andreas Walbert, a former executive director at Goldman Sachs Investment Partners.
Sbarra worked for Bluecrest before joining Deutsche in 2015 and has clearly decided that another hedge fund is a good idea after Deutsche Bank's dismal bonuses for 2016. He was at the German bank for less than 24 months.
Walbert spent nearly five years at GSIP after joining from Moelis & Co., where he trained as an M&A analyst. He's joining Millennium as a long/short equity analyst.
Including Sbarra and Walbert, the Financial Conduct Authority register indicates that Millennium has made six London hires in the past two months. They also include James Watson, a former Morgan Stanley banker and portfolio manager at Brevan Howard. Watson quit Brevan in May 2016 and was subject a year's non-compete clause which compelled him to sit out of the market. Still, it could've been worse - he could've had a two year non-compete in the style of Citadel.
In the past, Millennium was known for its, "sink or swim" policy of giving new managers money to invest and dismissing them if they didn't perform, making it a risky choice of employer. The outflow of people seems to have slowed recently, however: only two people left without new jobs to go to in the past two months. One of then had, however, only joined two months' earlier.
Photo credit: hedge door by Helen Cook is licensed under CC BY 2.0.