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Goldman Sachs' ex-head of EM trading to join Millennium in early 2019

Remember Uberto Palomba? He's the ex-Goldman Sachs managing director and former head of EMEA emerging market trading who spent three years at hedge fund Citadel before leaving in March 2018. He's planning a comeback. Sources say Palomba is joining Millennium Management in London in February next year.

Both Millennium and Palomba declined to comment on the move.

Millennium has lost various people this year following the formation of ExodusPoint, a new fund led by its former star trader Michael Gelband. At our last count, ExodusPoint had already recruited around 11 former Millennium traders and portfolio managers for its offices in New York and London.

Palomba's exit from Citadel came after Bloomberg claimed he made losses on a Hungarian trade and turned in a "negative performance for 2017."  However, Palomba's long period out of the market is thought to reflect his deferred bonuses based on his longer term performance at Citadel. - The fund typically defers bonuses for over a year and exiting staff can only access them if they wait out of the market or get them bought out. Palomba clearly thought it was worth the wait.

Palomba is not the only member of Citadel's former emerging markets team to resurface elsewhere. Benjamin Griguer, an ex-BNP CEEMEA rates trader who spent four years working with Palomba at Citadel, joined ExodusPoint in September.

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AUTHORSarah Butcher Global Editor
  • Fr
    Frankie Fook-lun Leung
    4 November 2018

    Global banking is undergoing major changes because of technological changes. Also the British banks facing Brexit may have to relocate staff.

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