Millennium Management created a new office of the chief investment officer and appointed two co-CIOs to head the unit, according to an employee memo from Israel Englander, the firm's founder, chairman, CEO and co-CIO, said a source with knowledge of the memo who asked not to be named.
Paul Russo, currently Millennium's global head of equities risk, is one of the two new co-CIOs, the source said. Mr. Russo will retain his current duties. He joined the firm in 2021.
Millennium also hired Justin Gmelich on Thursday as the other co-CIO, the source said.
Mr. Gmelich is a partner and global head of markets at King Street Capital Management. A King Street spokeswoman declined to comment on how the firm will replace Mr. Gmelich.
Bobby Jain, currently co-CIO at Millennium, will step back from his position and will support the firm's transition to a new organizational structure for the firm's investment activities. He will leave the firm in mid-2023, Mr. Englander said in the memo according to the source.
Millennium employees — Scott Rofey, global head of rates, macro and commodities risk, and Jeff Verschleiser, global head of credit and mortgage-backed securities risk — also will join the office of the CIO.
"Given the size and scale of our business as well as our diversification and prospects for future growth, we have embarked on a deliberate journey of enhancing our organizational structure with more specialized senior expertise," Mr. Englander's memo said.
Millennium declined to comment.
Millennium has more than 4,500 employees and has more than 290 investment teams that manage $58.8 billion, according to the firm's website.
