A senior trader just quit Millennium for Citadel's expanding macro unit

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Some macro hedge funds have suffered in the recent volatility. This isn't preventing others from hiring. Citadel's new macro unit is a case in point.

The unit is understood to have recruited Antonio Fortes, a former senior portfolio manager at Millennium Management in London. Fortes is still at Millennium according to the FCA  Register, but insiders say he's resigned to join Citadel.

Fortes, who specializes in both systematic and discretionary global macro, joined Millennium in 2015 after quitting BTG Pactual. A PhD from New Mexico State University, he began his career as a trader and quant at Latin America-focused Black River Asset Management.

Citadel is expanding its macro business under Colin Lancaster, whom it hired last July from Balyasny Europe Asset Management, where he was head of global macro strategies. At that time, Lancaster was said to be joining Citadel to build a new macro trading unit by bringing in portfolio managers and analysts.

Fortes isn't Citadel's only recent hire from Millennium, although he does seem to be the only recent hire to Lancaster's macro team. Instead of hiring macro specialists, many of Citadel's recruits so far this year appear to have been for its equities business. The FCA Register shows that Citadel recruited Stephen Lucas, an equities trader from Millennium, in February. In January and February it also hired-in Andre Leue, a former UBS equities portfolio manager, along with Francesco Di Giambattista, a former UBS equities associate, Denis Kopanev, a former associate at CPP private equity fund (also for equities) and Marco Minoli, an equity investment analyst from Kintbury Capital.

Further macro hiring is expected however: Lancaster is understood to be recruiting up to 20 people.

Neither Citadel nor Millennium immediately responded to a request to comment on Fortes.

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