- Millennium Management has hired Olga Naumovich to lead its Miami-based technology team.
- The multi-strategy hedge fund is currently hiring 25 tech positions to advance its new center.
- The battle for local investment and tech talent is heating up as more hedge funds move south.
Izzy Englander’s $57 billion Millennium Management firm has hired Olga Naumovich to lead its tech build in Miami, sources familiar with the hedge fund’s plans told Insider.
In this newly created Miami tech lead position, Naumovich’s focus will be on building a team of engineers and developers to work closely with the multi-strategy hedge fund’s trading cabin.
Millennium Management is one of a growing number of financial institutions and technology companies planning to build a large footprint in Florida.Last October, Millennium announced it would lease 524,000 square feet of space Brickell’s waterfront office building in Miami’s financial district.
Ilana Weinstein, founder and CEO of executive search firm The IDW Group, told Insider that as hedge funds increasingly set up operations in Miami, there is a growing demand for tech talent.
“Given the scarcity, there’s always a fight for hedge fund talent — no matter the location, but it’s always harder for satellite offices,” she said. “I can see that as companies start doing business there, the demand for tech talent will increase.”
Sources told Insider that Naumovich joined the firm last week from cryptocurrency market maker GRS Markets, where she served as managing director and deputy global chief operating officer. Prior to GSR Markets, she held various positions at Goldman Sachs for nearly 23 years. According to LinkedIn, when she leaves the investment bank in April 2021, she will serve as chief data officer for the global markets division, and head of customer experience for the engineering division.
Naumovich will join Millennium’s technical management team. Some of the firm’s top tech people recently moved from New York City to Miami, including Alex Lam, head of fixed income trading systems, and Brian Paulsen, head of development for the fixed income product master team and market data platform team, according to sources. The company has also attracted Bijan Treister, the former head of infrastructure for derivatives quant WorldQuant, who left for Meta last August. He has rejoined Millennium New York as head of Google Cloud Platform engineering and cloud support, according to career site eFinancial Careers.
In the process of competing for local technical talent
According to Millennium’s website, there are currently 25 technical positions open in Miami, including front-end and software engineers and senior developers.
Multi-strategy hedge fund Millennium has been on a hiring spree last year, according to eFinancial Careers. In an investor letter in February, Englander acknowledged how hedge funds compete with tech companies for talent.
“Needless to say, the market for technical talent is very competitive at this time,” Englander said. “We are now competing with tech companies for talent, just as we are competing with financial services companies.”
Billionaire Ken Griffin said in June he relocated Citadel’s headquarters to Miami, where the world’s largest private equity firm Blackstone opened a Blackstone Technology & Innovations (BXTI) office last year and plans to create a 2018 More than 200 tech jobs. the next few years. Many other financial firms have also established operations in Miami, including Goldman Sachs, Thoma Bravo and Elliot Management.
As more investment giants move to Florida or open satellite offices, they are looking for candidates who might stay in the state, according to a hedge fund recruiter who asked not to be named. Potential customers.
“Now candidates have a menu of opportunities to choose from,” the recruiter said.