Key Takeaways
- • Yiming Zhang, a 17-year veteran and senior quantitative researcher at Jump Trading's elite Jump Core Strategies unit, has secured startup funding from Millennium Management following his recent resignation from Jump Trading.
- • Zhang is expected to operate as an external manager for Millennium on an exclusive basis, with operations to begin after his non-compete restrictions expire (Jump enforces non-compete periods up to two years for all employees, including non-executives).
- • The move reflects Millennium Management's strategic expansion into seeding external talent and independent portfolio managers, a growing focus alongside its $84 billion multi-manager platform.
- • Zhang's departure came alongside fellow senior researcher Darko Kirovski from Jump Core Strategies, one of Jump Trading's largest and most profitable trading units; Jump co-founder Paul Gurinas acknowledged both researchers as "instrumental" to the firm's 17-year growth trajectory.
- • The arrangement underscores continued institutional appetite for proven quantitative talent from systematic trading firms, with hedge funds increasingly competing for departing senior researchers through external manager relationships.
Summary
Yiming Zhang, a top-tier quantitative researcher and 17-year veteran at Jump Trading Group, has secured capital allocation from Millennium Management following his recent departure from the systematic trading firm. According to sources familiar with the matter, Zhang is expected to launch his own trading venture under Millennium's external manager program on an exclusive basis, pending the expiration of Jump Trading's non-compete restrictions.
Jump Trading is known for enforcing lengthy non-compete provisions that can extend up to two years, even for non-executive employees. This timeline will delay Zhang's operational launch with Millennium until the contractual restrictions lapse. The arrangement positions Zhang as an external portfolio manager within Millennium's growing ecosystem of independent talent, a strategic focus that complements the firm's established multi-strategy internal platform, which manages $84 billion in assets.
Zhang and fellow senior researcher Darko Kirovski both departed from Jump Core Strategies, one of Jump Trading's largest and most profitable systematic trading divisions. In a public statement, Jump co-founder Paul Gurinas characterized both researchers as instrumental to the firm's growth, stating: "Yiming and Darko were instrumental in Jump's growth over the last 17 years, and we'll be forever grateful for that. They will be friends of the firm forever." Kirovski's post-Jump trajectory could not be determined at the time of reporting.
Millennium Management's decision to back Zhang reflects the hedge fund's continued push to source and capitalize external quantitative talent alongside its established multi-manager platform. The move signals sustained institutional confidence in Jump Trading's research talent and broader trends in the hedge fund industry toward securing proven systematic traders through dedicated external arrangements and separately managed accounts. Neither Millennium nor Zhang provided additional comment on the partnership terms or expected launch timeline.
Jump Trading is known for enforcing lengthy non-compete provisions that can extend up to two years, even for non-executive employees. This timeline will delay Zhang's operational launch with Millennium until the contractual restrictions lapse. The arrangement positions Zhang as an external portfolio manager within Millennium's growing ecosystem of independent talent, a strategic focus that complements the firm's established multi-strategy internal platform, which manages $84 billion in assets.
Zhang and fellow senior researcher Darko Kirovski both departed from Jump Core Strategies, one of Jump Trading's largest and most profitable systematic trading divisions. In a public statement, Jump co-founder Paul Gurinas characterized both researchers as instrumental to the firm's growth, stating: "Yiming and Darko were instrumental in Jump's growth over the last 17 years, and we'll be forever grateful for that. They will be friends of the firm forever." Kirovski's post-Jump trajectory could not be determined at the time of reporting.
Millennium Management's decision to back Zhang reflects the hedge fund's continued push to source and capitalize external quantitative talent alongside its established multi-manager platform. The move signals sustained institutional confidence in Jump Trading's research talent and broader trends in the hedge fund industry toward securing proven systematic traders through dedicated external arrangements and separately managed accounts. Neither Millennium nor Zhang provided additional comment on the partnership terms or expected launch timeline.
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