Key Takeaways
- • John Naud, president and partner at $27 billion Capula Investment Management, is joining $60 billion Millennium Management in 2024 in a senior fixed-income role, marking a significant talent acquisition for Millennium's recently reorganized fixed-income division.
- • Naud will work under Richard Mazzella, Millennium's newly appointed head of fixed income, with both executives bringing prior experience from Citadel and JPMorgan, suggesting strategic alignment in investment approach and risk management philosophy.
- • Millennium recently separated its fixed-income and commodities businesses into distinct units with dedicated leaders, signaling a strategic pivot toward specialized portfolio management and potential expansion of its fixed-income capabilities.
- • Naud's background includes nearly a decade at Citadel (where he served as COO of global fixed income), two years as deputy CEO at macro hedge fund Rokos Capital, and four years at Capula since 2020, positioning him as an experienced multi-asset manager.
- • The hire underscores ongoing talent competition among mega-cap hedge funds, with both Millennium and Capula engaged in executive-level recruitment to strengthen their trading and portfolio management operations.
Summary
Millennium Management has recruited John Naud, president and partner at $27 billion Capula Investment Management, to assume a senior position within its fixed-income division. Naud is expected to join Izzy Englander's $60 billion hedge fund in 2024. The appointment represents a notable executive move in the competitive talent landscape among elite multi-strategy hedge funds.
Naud will report to Richard Mazzella, who was recently named head of Millennium's fixed-income group. Both executives share professional histories at Citadel and JPMorgan, suggesting complementary expertise and alignment on investment strategies. This continuity in background may facilitate a smoother integration and coherent execution of Millennium's fixed-income strategy.
Prior to joining Capula in 2020, Naud spent approximately two years serving as deputy CEO at Rokos Capital, a macro-focused hedge fund, and nearly a decade at Citadel, where he advanced to chief operating officer of global fixed income. His extensive experience in large-scale fixed-income operations positions him to strengthen Millennium's capabilities across multiple asset classes and trading disciplines.
Millennium's decision to hire Naud follows the hedge fund's recent organizational restructuring, during which it separated its fixed-income and commodities businesses and appointed sole leaders for each division. This reorganization reflects management's strategic emphasis on deepening specialization and operational focus within asset classes, moving away from integrated management models toward dedicated centers of excellence.
Neither Millennium nor Capula provided official commentary on the appointment, though people familiar with the matter confirmed the expected transition. The hire contributes to broader executive mobility patterns among top-tier hedge funds competing for senior talent with proven track records in capital management and operational leadership.
Naud will report to Richard Mazzella, who was recently named head of Millennium's fixed-income group. Both executives share professional histories at Citadel and JPMorgan, suggesting complementary expertise and alignment on investment strategies. This continuity in background may facilitate a smoother integration and coherent execution of Millennium's fixed-income strategy.
Prior to joining Capula in 2020, Naud spent approximately two years serving as deputy CEO at Rokos Capital, a macro-focused hedge fund, and nearly a decade at Citadel, where he advanced to chief operating officer of global fixed income. His extensive experience in large-scale fixed-income operations positions him to strengthen Millennium's capabilities across multiple asset classes and trading disciplines.
Millennium's decision to hire Naud follows the hedge fund's recent organizational restructuring, during which it separated its fixed-income and commodities businesses and appointed sole leaders for each division. This reorganization reflects management's strategic emphasis on deepening specialization and operational focus within asset classes, moving away from integrated management models toward dedicated centers of excellence.
Neither Millennium nor Capula provided official commentary on the appointment, though people familiar with the matter confirmed the expected transition. The hire contributes to broader executive mobility patterns among top-tier hedge funds competing for senior talent with proven track records in capital management and operational leadership.
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