Millennium Capital has raided the ranks of BTG Pactual in London

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BTG Pactual has been making some big cuts in its London operation. Millennium Capital Management, which has never been shy to take advantage of financial services firms ejecting talent, has swooped on its emerging markets currency team.

David Anderson, who was co-chief investment officer on the emerging markets local currency government bond fund at BTG Pactual in London, joined Millennium as a partner earlier this month. Marko Avramovic, who was in emerging markets rates trading at BTG Pactual, also joined Millennium as a junior portfolio manager, along with Stephen Irwin Brown, who'd spent around seven years at BTG.

All three men previously worked at UBS. Anderson was an emerging markets rates trader until he joined BTG in 2010. Avramovic was in FICC emerging market sales and joined BTG in 2013.

BTG Pactual has been through some huge restructuring at its London operation this year. In February, it announced that it was cutting 25% of its London hedge fund headcount. It now just has 25 people registered with the Financial Conduct Authority, down from 66 in February.

Among the senior departures was Stephane Delacote, head of structured credit trading at BNP Paribas before joining BTG in November 2014, and Neil Callan, a partner and portfolio manager. Callan previously spent 15 years at Goldman Sachs, where he was latterly a managing director in global credit trading. Karsten Filt, who only joined BTG Pactual from Credit Suisse in October last year, was also among the February departures. 

Millennium was an opportunistic recruiter in recent years, often seizing on talent ejected by large investment banks undergoing restructuring. More recently, hiring has been muted but it's still been taking on traders in the past couple of months. Most recently, it hired Glenn Phillips, the former head of G10 FX options trading at Nomura in Singapore, who moved to London for a portfolio manager role. It's also taken on Yasin Youssouf, a former SAC Global Investors portfolio manager who moved to Morgan Stanley after the hedge fund closed its London operation in 2013, and Lee Ellis, who worked as a trader at BTG Pactual.



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