Hedge fund Millennium hired a top JPMorgan trader who was at Qube

15 October 2025

2 minute read

Philippe Chouvin, the top JPMorgan index swap trader who left in 2021 for hedge fund Qube Research and Technologies in Paris, has moved on again. He's joining Millennium.

Millennium declined to comment for this article and Chouvin ignored efforts to speak, but multiple sources say he's off to one of Millennium's largest pods, run by Pratik Madhvani in Dubai. Chouvin is expected to stay in Paris. It's understood that a colleague with whom he worked at JPMorgan and Qube is moving to Millennium too.

Chouvin worked for SocGen and Credit Suisse before joining JPMorgan in 2017. Qube's founders worked for SocGen and Credit Suisse too.

Qube has been criticised by some ex-traders and portfolio managers for failing to pay bonuses that are a clear proportion of PnL and for locking employees for three years by deferring up to 75% of bonuses. Millennium has a more formulaic approach to pay. It's possible that Chouvin has had his Qube bonuses bought out.

Madhvani's pod focuses on index rebalancing strategies and is thought to employ nearly 30 people in total. Earlier this year, it was said to have lost $900m, which is the sort of thing that might prompt Millennium to withdraw its capital. However, Madhvani, combined with ex-Goldman Sachs VP Glen Scheinberg, is understood to be one of Millennium's biggest revenue generators and is very firmly still in his seat.

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