Millennium Management is establishing a standalone credit trading business, separating it from its broader fixed income division, in a move reflecting continued evolution at the $83.4bn multi-strategy hedge fund, according to a report by Bloomberg.
The new unit will be led by Dan Friedman, who reports to co-chief investment officer Justin Gmelich. Friedman joined Millennium in 2023, bringing experience running European operations at Diameter Capital Partners and overseeing credit trading at Goldman Sachs. He will focus on expanding the firm’s credit and mortgage trading capabilities.
The restructuring also sees Jeff Verschleiser, previously head of credit and mortgage-backed securities risk, move into a senior advisory role, while Rich Mazzella remains head of fixed income. The changes follow Millennium’s broader leadership reshuffles, including the creation of the office of the CIO and appointment of Gmelich and Paul Russo as co-CIOs.
The credit unit launch comes as Millennium pursues growth beyond liquid markets, with the firm raising $5bn for a new fund targeting private market opportunities.
