Key Takeaways
- • John Naud, president and partner at $27 billion alternative asset manager Capula Investment Management, is joining Millennium Management in a senior fixed-income role expected to commence in 2024.
- • Naud's move represents a notable executive acquisition for Millennium, which operates under founder Izzy Englander's leadership and maintains a substantial fixed-income investment platform overseen by Global Head of Fixed Income Rich Mazzella.
- • Capula specializes in alternative global investment strategies designed to exhibit low or negative correlation to traditional equity markets, positioning Naud's departure as a significant talent shift within the London-based investment management sector.
- • The hiring underscores ongoing competition among multi-billion-dollar hedge funds and alternative asset managers for senior fixed-income talent and portfolio management expertise.
Summary
Millennium Management has recruited John Naud, president and partner at Capula Investment Management, to fill a senior fixed-income position at the multi-strategy hedge fund. Naud is expected to join Millennium in 2024, according to sources familiar with the appointment.
Naud's background includes leadership experience at Capula, a $27 billion alternative investment manager headquartered in London. Capula focuses on innovative strategies engineered to exhibit low or negative correlation to traditional equity and bond markets, serving institutional and alternative investor bases. As president and partner, Naud held a significant operational and investment role within the firm's structure.
At Millennium, Naud will integrate into the fixed-income division, which operates under the oversight of Rich Mazzella, Millennium's Global Head of Fixed Income. Mazzella leads daily portfolio management activities across the firm's fixed-income strategies and oversees a team of portfolio managers executing credit and rates-focused mandates. Millennium, founded and led by Izzy Englander, operates as a multi-strategy platform with substantial capital deployed across equity, credit, and alternatives.
The appointment reflects broader competition among large alternative asset managers for senior talent, particularly within fixed-income and credit portfolio management. Millennium's fixed-income franchise has maintained visibility in the institutional market, and Naud's addition signals continued investment in deepening bench strength within this division.
Naud's background includes leadership experience at Capula, a $27 billion alternative investment manager headquartered in London. Capula focuses on innovative strategies engineered to exhibit low or negative correlation to traditional equity and bond markets, serving institutional and alternative investor bases. As president and partner, Naud held a significant operational and investment role within the firm's structure.
At Millennium, Naud will integrate into the fixed-income division, which operates under the oversight of Rich Mazzella, Millennium's Global Head of Fixed Income. Mazzella leads daily portfolio management activities across the firm's fixed-income strategies and oversees a team of portfolio managers executing credit and rates-focused mandates. Millennium, founded and led by Izzy Englander, operates as a multi-strategy platform with substantial capital deployed across equity, credit, and alternatives.
The appointment reflects broader competition among large alternative asset managers for senior talent, particularly within fixed-income and credit portfolio management. Millennium's fixed-income franchise has maintained visibility in the institutional market, and Naud's addition signals continued investment in deepening bench strength within this division.
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