The Big Take
The Hot Hedge Fund Strategy Triggering a Pay Bonanza for Traders
As the competition for talent reaches new extremes, ‘interception trades’ between rivals are heating up.
Millennium Management just got “gazumped.”
A big-deal new hire, Tarun Tyagi, recently quit before even starting his new job at Millennium. The currency trader jumped back to his previous firm Capula Investment Management, undeterred by a penalty tied to tearing up his contract with billionaire Izzy Englander’s giant hedge fund firm. His old-employer-turned-new-employer even defrayed the cost of what Millennium offered him to sit out during his gardening leave.