Millennium Management co-chief investment officer Paul Russo will retire at the end of 2026, marking the latest leadership change at the $89bn multistrategy hedge fund, according to a report by Bloomberg.

Russo, who oversees risk across Millennium's equities business and serves on the firm's Office of the CIO, will remain available to the firm in an advisory capacity following his retirement, according to people familiar with the matter. Millennium declined to comment.

Russo became the first member of the Office of the CIO when founder Izzy Englander introduced the leadership structure in 2022 following Bobby Jain's departure as co-CIO.

The retirement comes as Millennium continues to reshape its senior investment leadership. Rich Mazzella, global head of fixed income, and Pete Santoro, global co-head of equities, recently joined the Office of the CIO alongside Justin Gmelich and Scott Rofey.

The firm has also restructured several investment divisions in recent years, including adopting co-head leadership for equities, separating its fixed income and commodities businesses, and establishing a standalone credit trading unit led by Dan Friedman.

Former CIO office executive Jeff Verschleiser has also transitioned to a senior adviser role as Millennium continues to evolve its management structure.