Key Takeaways
- • Citadel is expanding its London fixed income team with three new portfolio managers—Bernard Singer and Ravi Vinda from Brevan Howard, and Christine Boykiw from Barclays—signaling continued investment in its European fixed income operations.
- • Millennium is simultaneously recruiting former Citadel fixed income talent, including Rich Mazzella (global head of fixed income, based in London since January) and John Naud (newly appointed deputy global head of fixed income), both of whom worked together at Citadel between 2008 and 2016.
- • Talent reunion reflects a pattern of senior defections, with Naud and Mazzella having departed Citadel together in 2018, spent intervening years at other firms (Hutchin Hill, Capula, and Rokos), and now reconvening at Millennium in London.
- • Millennium has expanded its Citadel recruitment beyond fixed income, also hiring Namann Jain, a former London-based Citadel portfolio manager focused on central bank policy, suggesting a broader competitive effort to attract Citadel's legacy talent base.
Summary
Citadel and Millennium are engaged in competing recruitment efforts within the London fixed income market, with both firms making significant hires despite ostensibly contradictory strategies. Citadel recently added three portfolio managers to strengthen its London fixed income division, according to Reuters reporting cited in the primary source. The new hires include Bernard Singer and Ravi Vinda, both previously at Brevan Howard, and Christine Boykiw from Barclays—moves that underscore Citadel's continued commitment to scaling its European fixed income presence.
Simultaneously, Millennium has been selectively recruiting former Citadel fixed income professionals, creating a notable pattern of talent overlap between the two hedge funds. Rich Mazzella, who served as chief operating officer for global fixed income at Citadel between 2008 and 2016, has held the position of Millennium's global head of fixed income since January 2024, based in London. Notably, John Naud—who held an identical COO role alongside Mazzella at Citadel during the same tenure—recently joined Millennium as deputy global head of fixed income, positioning himself directly beneath Mazzella in the organizational hierarchy.
The reunion of Mazzella and Naud at Millennium carries particular significance given their joint departure from Citadel in 2018. The two spent the interim period at different institutions before reconvening, with Naud working at Capula and Rokos following his departure from Citadel. This coordination suggests potential professional continuity and shared operating philosophies that may appeal to senior fixed income talent of a similar vintage. Beyond Naud and Mazzella, Millennium has also hired Namann Jain, a former London-based Citadel portfolio manager with a focus on central bank policy, indicating that Millennium's recruitment drive extends beyond executive leadership to operational portfolio management roles.
The competitive dynamics between Citadel and Millennium in the London fixed income space reflect broader industry patterns of talent clustering and the strategic value of recruiting experienced professionals with established track records. While six years have passed since Mazzella and Naud left Citadel, their reconvergence at Millennium may signal that certain cohorts of Citadel fixed income talent maintain professional and cultural affinities that transcend individual employer transitions. Both firms declined to comment on the personnel movements, leaving open the possibility that additional recruitment activity may be ongoing or planned in the coming months.
Simultaneously, Millennium has been selectively recruiting former Citadel fixed income professionals, creating a notable pattern of talent overlap between the two hedge funds. Rich Mazzella, who served as chief operating officer for global fixed income at Citadel between 2008 and 2016, has held the position of Millennium's global head of fixed income since January 2024, based in London. Notably, John Naud—who held an identical COO role alongside Mazzella at Citadel during the same tenure—recently joined Millennium as deputy global head of fixed income, positioning himself directly beneath Mazzella in the organizational hierarchy.
The reunion of Mazzella and Naud at Millennium carries particular significance given their joint departure from Citadel in 2018. The two spent the interim period at different institutions before reconvening, with Naud working at Capula and Rokos following his departure from Citadel. This coordination suggests potential professional continuity and shared operating philosophies that may appeal to senior fixed income talent of a similar vintage. Beyond Naud and Mazzella, Millennium has also hired Namann Jain, a former London-based Citadel portfolio manager with a focus on central bank policy, indicating that Millennium's recruitment drive extends beyond executive leadership to operational portfolio management roles.
The competitive dynamics between Citadel and Millennium in the London fixed income space reflect broader industry patterns of talent clustering and the strategic value of recruiting experienced professionals with established track records. While six years have passed since Mazzella and Naud left Citadel, their reconvergence at Millennium may signal that certain cohorts of Citadel fixed income talent maintain professional and cultural affinities that transcend individual employer transitions. Both firms declined to comment on the personnel movements, leaving open the possibility that additional recruitment activity may be ongoing or planned in the coming months.
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