Expansionary hedge fund lures ex-J.P. Morgan trader from Singapore to London

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Millennium Capital Management

Glenn Phillips, the former head of G10 FX options trading at Nomura in Singapore, has returned to London to join hedge fund Millennium Capital Management.

Phillips, who joined Nomura in 2013 from J.P. Morgan where he was a senior trader and managing director, signed up to Millennium earlier this month, according to regulatory filings.

Millennium continues to hire – usually senior – traders from investment banks even as other hedge funds cite a talent shortage on the sell-side and look to develop their own training programmes in order to capture graduates straight from university.

Phillips, who was previously head of complex options trading within J.P. Morgan’s commodities division, is the fifth new London hire at Millennium in the past three months, with many recruits coming from investment banking.

Before J.P. Morgan, he spent three years at Citigroup where he helped to build its structured product business.

Yasin Youssouf, a former SAC Global Investors portfolio manager who moved to Morgan Stanley after the hedge fund closed its London operation in 2013 and then on to BNP Paribas, joined Millennium in July.

Meanwhile, Lee Ellis, who worked as a trader at BTG Pactual, joined Millennium at the end of June as did Lindsey Casfikis, who previously worked in fixed income sales at J.P. Morgan.

Millennium’s continued expansion is all the more unusual because large hedge funds in the UK have started cutting back staff in recent months. A number of senior traders at Brevan Howard have left, for example, while Tudor Investment Corp said that it was cutting 15% of headcount as it moves more across to computer-based trading.

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