Hedge Fund Movers

Millennium axes star trader after less than a year

John Curtice, a prominent and high-profile trader, has departed Millennium Management less than a year after joining from rival firm ExodusPoint Capital Management, according to eFinancial Careers. The departure reportedly followed repeated breaches of Millennium’s risk limits during his tenure. Sources claim that as Curtice’s performance declined from an initial high, Millennium reduced his trading capital from $2 billion to $1.5 billion. Despite incurring a net loss in the low-single-digits, Curtice did not hit stop-loss thresholds.

Curtice had been a star trader at ExodusPoint, delivering strong profits over four years. To recruit him, Millennium reportedly offered potential payouts exceeding $50 million. Millennium, which manages over $70 billion and operates more than 330 trading teams globally, continues to expand its multistrategy investing model.

Two Sigma taps Bridgewater HR head for new CPO role

Two Sigma Investments, a leading quantitative hedge fund, has appointed Sarah Moore Fass as its Chief People Officer, a newly created role designed to strengthen its focus on talent and organizational culture. Fass, currently the Chief Human Resources Officer at Bridgewater Associates, will join Two Sigma in March 2025 and report to co-CEOs Scott Hoffman and Carter Lyons.

Two Sigma manages approximately $60 billion in assets across real estate, venture capital, and other businesses, with a team of over 2,000 employees. In her new role, Fass will lead the firm’s human resources efforts, emphasizing “people, culture, and employee experience,” according to a company statement.

Her appointment comes during a leadership transition at Two Sigma. Co-Founders John Overdeck and David Siegel stepped down as co-CEOs in September, with Hoffman and Lyons assuming leadership. Overdeck and Siegel continue to serve as Co-Chairmen.

Point72 Japan Head to step down

Point72 Asset Management has initiated a search for a new Japan Head with incumbent Toby Bartlett set to step down from the role early next year, according to a report by Bloomberg. After leaving his current role, Bartlett will transition to a consultancy position for the hedge fund, founded by billionaire Steve Cohen, according to Bloomberg’s sources.

Bartlett joined Point72 in early 2022 and has since played a key role in driving the firm’s Asia strategy, as well as focusing on recruitment and talent development in Japan. Before joining Point72, he founded his own fund and held roles at Hong Kong-based LIM Advisors, Highbridge Capital Management, and Citadel.

Point72, which oversees $35.2 bn in assets, has been expanding in Japan since opening its Tokyo office in 2011 to capitalise on rising foreign investor interest in the market. The firm plans to move to a larger Tokyo office next year, and in April 2023, Cohen announced plans to increase the headcount in Japan by around 20%.