Key Takeaways
- • John Mann, Global Co-Head of Beta Electronic and Algorithmic Trading at Citigroup, departed the bank on October 12, 2021, after eight years with the firm, following a 16-year tenure at Goldman Sachs.
- • Mann is joining Millennium Management in New York as a portfolio manager, establishing his own independent pod within the multi-strategy hedge fund's structure of over 3,000 employees and 360+ pods.
- • The departure reflects continued talent attrition from Citi's trading division despite the institutional clients group achieving a 60% profit increase in the first nine months of 2021.
- • Millennium is actively expanding its leadership bench, having recently hired Stacy Selig, former head of structured sales at Goldman Sachs, as deputy chief operating officer in September 2021.
Summary
Citigroup is experiencing continued senior talent departures from its trading operations, with John Mann, the bank's Global Co-Head of Beta Electronic and Algorithmic Trading, joining Millennium Management on October 12, 2021. This defection is particularly notable given strong institutional performance—Citi's institutional clients group posted a 60% increase in profits during the first nine months of 2021—yet has not retained top trading talent.
Mann brings 16 years of capital markets experience to his new role, having spent eight years at Citigroup and previously holding a comparable tenure at Goldman Sachs. At Millennium, he will establish his own pod, one of the hedge fund's autonomous investment units. This structure allows senior portfolio managers like Mann to operate semi-independently while remaining part of a larger organization, a model that has proven effective in retaining talent and enabling senior traders to build dedicated teams around their strategies.
Millennium's recent hiring activity underscores the multi-strategy fund's expansion trajectory. Beyond Mann's appointment, the fund recruited Stacy Selig, formerly head of structured sales at Goldman Sachs, as deputy chief operating officer in September 2021. This follows exceptional performance in 2020 and reflects robust capital raising. Millennium currently operates with over 3,000 employees distributed across more than 360 pods, positioning it among the largest multi-strategy hedge funds by headcount.
The Mann departure is the latest in a pattern affecting Citi's senior trading ranks. Bloomberg previously reported that Matt Zhang, a 14-year Citi veteran and co-head of structured products trading, left the bank to establish his own $1 billion cryptocurrency fund. Together, these exits highlight competitive pressures facing major investment banks in retaining elite traders, particularly in specialized domains like electronic trading, algorithmic strategies, and emerging asset classes where hedge funds increasingly compete for talent.
Mann brings 16 years of capital markets experience to his new role, having spent eight years at Citigroup and previously holding a comparable tenure at Goldman Sachs. At Millennium, he will establish his own pod, one of the hedge fund's autonomous investment units. This structure allows senior portfolio managers like Mann to operate semi-independently while remaining part of a larger organization, a model that has proven effective in retaining talent and enabling senior traders to build dedicated teams around their strategies.
Millennium's recent hiring activity underscores the multi-strategy fund's expansion trajectory. Beyond Mann's appointment, the fund recruited Stacy Selig, formerly head of structured sales at Goldman Sachs, as deputy chief operating officer in September 2021. This follows exceptional performance in 2020 and reflects robust capital raising. Millennium currently operates with over 3,000 employees distributed across more than 360 pods, positioning it among the largest multi-strategy hedge funds by headcount.
The Mann departure is the latest in a pattern affecting Citi's senior trading ranks. Bloomberg previously reported that Matt Zhang, a 14-year Citi veteran and co-head of structured products trading, left the bank to establish his own $1 billion cryptocurrency fund. Together, these exits highlight competitive pressures facing major investment banks in retaining elite traders, particularly in specialized domains like electronic trading, algorithmic strategies, and emerging asset classes where hedge funds increasingly compete for talent.
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