Multi-strategy hedge fund major Millennium Management has hired Philippe Chouvin, the former JPMorgan index swap trader who joined Qube Research and Technologies in Paris in 2021, according to a report by eFinancial Careers.
The report cites multiple unnamed sources as indicating that Chouvin will join one of Millennium’s largest trading pods, led by Pratik Madhvani in Dubai, while continuing to work from Paris. A colleague of Chouvin’s from JPMorgan and Qube is also understood to be moving to Millennium.
Chouvin’s career includes stints at SocGen and Credit Suisse before joining JPMorgan in 2017. His move follows Qube’s controversial bonus structure, which deferred up to 75% of pay over three years, in contrast to Millennium’s more formulaic approach. It is possible Chouvin received a buyout of his Qube bonuses as part of the transition.
Madhvani’s pod focuses on index rebalancing strategies and employs nearly 30 people. Despite reporting a $900m loss earlier this year, the team remains a key revenue generator for Millennium, alongside former Goldman Sachs VP Glen Scheinberg.
