Key Takeaways
- • Daniel (Dan) Friedman, Millennium's head of credit, is reportedly relocating from London to New York and joining the hedge fund's senior management team to run a new credit business reporting to co-CIO Justin Gmelich.
- • Friedman's career path runs through Lehman Brothers (high yield, starting 2004), Barclays (head of European high yield and distressed credit), Goldman Sachs (partner), and then Millennium.
- • In a previously published interview, Friedman described arriving at 4.35am daily to print PNL reports and credit research for traders, a routine he credits with building his career.
- • Friedman emphasizes grit, market structure and capital structure knowledge, fundamental credit analysis, and the discipline to cut losing trades rather than defend them.
Summary
Daniel Friedman, Millennium's head of credit, is reportedly relocating from London to New York as part of the hedge fund's senior management team. According to eFinancialCareers, he will run a new credit business reporting to Millennium co-CIO Justin Gmelich. The article notes that the new mandate suggests Friedman is likely to be hiring for the business.
Friedman's career has moved through several major credit franchises. He began in high yield at Lehman Brothers in 2004, then joined Barclays, where he became head of European high yield and distressed credit. He later became a partner at Goldman Sachs before joining Millennium.
In an interview published two years ago, cited by eFinancialCareers, Friedman described his early Lehman routine: arriving at 4.35am to print PNL reports and all credit research for every trader, then conducting his own research. He said he would stay on after the desk, asking senior traders probing questions about their positions, and that senior traders often stayed until 7pm to 9pm. He argued this visibility was why he was offered a seat on the desk.
Friedman has framed his investment and professional philosophy around grit, continuous improvement, deep knowledge of market and capital structure, and fundamental credit analysis. He also stressed the humility to exit a losing trade rather than defend it at the wrong level.
Friedman's career has moved through several major credit franchises. He began in high yield at Lehman Brothers in 2004, then joined Barclays, where he became head of European high yield and distressed credit. He later became a partner at Goldman Sachs before joining Millennium.
In an interview published two years ago, cited by eFinancialCareers, Friedman described his early Lehman routine: arriving at 4.35am to print PNL reports and all credit research for every trader, then conducting his own research. He said he would stay on after the desk, asking senior traders probing questions about their positions, and that senior traders often stayed until 7pm to 9pm. He argued this visibility was why he was offered a seat on the desk.
Friedman has framed his investment and professional philosophy around grit, continuous improvement, deep knowledge of market and capital structure, and fundamental credit analysis. He also stressed the humility to exit a losing trade rather than defend it at the wrong level.
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