New York-based alternative investment manager Millennium Management has recruited Michael Gelband, formerly global head of capital markets at Lehman Brothers, to manage its global fixed income business.

"Millennium is very fortunate to bring on board someone of Mike's talent, experience, and stature within the industry," says chairman Izzy Englander. "His joining is a reflection both of our commitment to building a world-class fixed-income business as well as the opportunities we see around the globe going forward."

Gelband had been with Lehman Brothers from 1983 to May 2007, rising to the position of global head of fixed income and a member of the firm's executive committee. In June this year he returned to Lehman to head the entire capital markets business as part of the firm's ultimately vain efforts to stay in existence.

Millennium, which also has offices in Greenwich, Connecticut, London, Paris, Singapore and Hong Kong, has some USD13.5bn in assets under management and manages a global multistrategy hedge fund, Millennium Partners.