Millennium rehired a PM poached by Citadel as hedge funds swap staff

Job hopping used to be something that happened among juniors in investment banks, but now that people are wary of being first in and first out, it's a phrase that might be relegated to portfolio managers in hedge funds instead.

Life as a portfolio manager is not easy. Few can tolerate the relentless demand to generate returns with at least $17.5m of capital constantly allocated (preferably a lot more), a Sharpe ratio of at least 1.5, and losses of no more than 2.5%. If you can do it, you can name your price. 

It's not clear which price Brad Schneider has named, but he's just returned to Millennium, which is known for its generosity. 

Schneider was a portfolio manager at Millennium in New York for 2.5 years between 2018 and 2021. He left for Citadel's global equities team, where he hung around from October 2021 to March 2024. Now he's back at Millennium again, except this time he's a senior PM instead. It's not clear what Schneider did between March 2024 and February 2025, but his absence may be attributed to a non-compete. 

What does Schneider do to merit such skipping between major multistrategy hedge funds? Neither Citadel nor Millennium responded to a request to comment. He appears, however, to focus on real estate stocks, which are possibly a popular category as commercial real estate loans come due. 

Before Citadel, Schneider spent nearly three years at Balyasny. After Millennium, he might want to try Point72.

Photo by Jack Hamilton on Unsplash

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