Hedge fund Millennium hired an MD tired of trading rates in banks
2025 is a challenging time to be a rates trader. As Morgan Stanley CEO Ted Pick observed in the bank's first quarter investor call, the outlook for rates along with FX and stock prices has become "unpredictable." There is money to be made, but money to be lost too.
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In these circumstances, Pierre Yves-Gerber, the global head of rates trading at NatWest Markets, has joined hedge fund Millennium in London to do something different. Yves-Gerber will head of "deal contingents" for Millennium, a title that implies he'll be trading derivatives designed to hedge against the risk of M&A other deals not going ahead. This seems apt in the current circumstances.
Yves-Gerber and Millennium didn't respond to a request on his new role. The FCA Register says he joined Millennium last week.
Yves-Gerber has not worked for a hedge fund before. He spent 3.5 years at NatWest after joining in 2019 and the rest of his prior career at Goldman Sachs, where he worked for 15.5 years after graduation and became a managing director in rates trading.
IFR reported last August that deal contingent hedges were taking off as deals were already being aborted and that hedge funds were increasingly interested in taking the risk of the aborted deals off banks' books. It is this that Yves-Gerber will presumably be doing in his post-rate trading existence. Edmund Carroll, head of FX, rates and commodities corporate client solutions at UBS, told FX Week in March that deal contingent hedging was "magnitudes" higher than a few years ago. That was before Liberation Day.
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