- Millennium has hired two marquee credit portfolio managers.
- It has hired Laurion partner Jonathan Grau and Brevan Howard PM Christopher Reich, sources said.
- Credit strategies have been highly sought after in recent years, despite a dip in demand for 2025.
Wall Street’s largest hedge fund just got a bit larger, adding two more marquee traders to its credit business.
Millennium, which manages $73 billion in assets and has more than 330 investment teams around the world, has hired Jonathan Grau, a partner at Laurion Capital, according to people familiar with the matter. Grau joined Laurion in 2016 and focused on corporate credit strategies, according to a company bio recently scrubbed from the firm’s website.
Millennium has also hired Christopher Reich, a rising star credit index trader from Brevan Howard, the people said. Reich trades indices linked to credit-default swaps and commercial mortgage-backed securities, according to his LinkedIn profile, and worked at One William Street Capital and JPMorgan before joining Brevan.
Representatives for Millennium and Brevan declined to comment, and Laurion did not respond to requests for comment.
Credit has been the most in-demand strategy among hedge-fund allocators in recent years, though appetite dampened heading into 2025, according to a Goldman Sachs survey.
The hires of Grau and Reich come on the heels of another major credit hire. Bloomberg reported in March that Millennium poached LMR Partners’ US head of credit, Thomas Malafronte. Malafronte is a former Goldman Sachs partner who burnished his reputation in the mid-2010s trading junk bonds.
Millennium, run by billionaire Izzy Englander, was down 1.4% through April after an unusually rocky start to the year that saw the firm lose money in back-to-back months in February and March. It gained 15% in 2024.