Daniel Mazur’s near-decade-long run at $66 billion hedge fund Citadel is a lifetime in the cutthroat hedge fund world, but his time is finally up at Ken Griffin’s firm.
A person familiar with the move told Business Insider that Mazur, a stockpicker for Citadel’s Global Equities unit since the summer of 2016, is joining Izzy Englander’s Millennium as a senior portfolio manager.
Citadel and Millennium declined to comment.
A person close to Citadel told Business Insider the manager liquidated Mazur’s portfolio earlier this year and promoted two people under him — Brad Gemberling and Greg Fitter — to portfolio manager roles.
Mazur is based out of Chicago and spent close to 12 years at San Francisco-headquartered Harvest Capital Strategies before joining Citadel. He did not immediately respond to several requests for comment.
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It’s unclear what Mazur’s deal from Millennium will pay him. The war for investing talent, particularly among the big four multistrategy firms, Millennium, Citadel, Point72, and Baylasny, has ramped up the costs across the industry.
PMs typically receive guaranteed payouts in their contracts, but if an individual a firm wants to cut instead resigns and joins another firm, they forfeit that compensation. Often, the firm that hires the PM will take into account the compensation forfeited and make the individual whole with a sign-on bonus or another form of payout.
Millennium, which has more than 6,600 employees and hundreds of investing teams, continues to add to its roster. The firm poached Goldman Sachs’ cohead of global equities, Erdit Hoxha, last month to join its Office of the CIO, which oversees its legions of trading teams.
Citadel’s Global Equities unit, run by Justin Lubell, lost two top talent recruiters last year: first, Alex Topkins, and then Laura Sterner. Sterner had only been at the firm for two months, Business Insider previously reported.
Still, the unit has brought on fresh investing talent this year, the person close to the Miami-based firm said. Global Equities poached Spencer Washburn, a former analyst at Millennium, to manage a book. His LinkedIn states he started in February in the firm’s New York offices as a portfolio manager.