A high-profile macro trader has switched employers at the last moment, abandoning a planned move to Millennium Management in favour of joining Citadel, underscoring intensifying competition for elite hedge fund talent, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that Pablo Duran Steinman has joined Citadel in New York as a senior portfolio manager, where he is expected to build a new team. The move marks the latest twist in a series of job changes involving some of the industry’s largest multi-strategy hedge funds.
Steinman had previously agreed to join Millennium, led by Izzy Englander, after completing a lengthy period of “gardening leave” following his departure from ExodusPoint Capital Management. However, he ultimately withdrew from that commitment before starting, opting instead for Citadel.
This is not the first time Steinman has shifted course between major hedge funds. In 2021, he left Soros Fund Management with plans to join Millennium but instead moved to ExodusPoint.
The repeated reversals highlight a growing phenomenon in the hedge fund industry known informally as “gazumping,” where portfolio managers accept offers from one firm but later defect to another, often for improved compensation packages or trading opportunities.
Large multi-strategy firms including Citadel, Millennium, Point72 Asset Management and Balyasny Asset Management have been aggressively competing for a limited pool of experienced traders, driving up compensation and increasing hiring volatility.
In response, many hedge funds have extended non-compete clauses and gardening leave periods in an effort to protect proprietary strategies and reduce staff turnover. However, these restrictions can also prolong hiring timelines, leaving senior traders in limbo and increasing the likelihood of competing offers emerging before they start new roles.
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