Millennium Management is set to allocate capital to a departing senior quant researcher from Jump Trading Group, highlighting its continued push to back external talent alongside its multi-manager platform, according to a report by Business Insider.
The report cites unnamed sources familiar with the matter as revealing that Yiming Zhang, who spent approximately 17 years at Jump, recently stepped down from the firm and is expected to begin managing capital for Millennium once his non-compete period concludes. The arrangement is understood to be exclusive.
Jump is known for imposing extended non-compete agreements, which can restrict employees — including non-executives — from joining competitors or launching new ventures for up to two years.
Zhang was a senior figure within Jump Core Strategies, one of the firm’s key systematic trading divisions. His departure comes alongside that of fellow researcher Darko Kirovski, whose future plans remain unclear.
In a statement, Jump co-founder Paul Gurinas acknowledged the pair’s long-term contribution to the firm, noting their role in its development over nearly two decades.
For Millennium, founded by Izzy Englander, the move underscores its growing focus on seeding external managers. While the firm is best known for its large internal multi-strategy platform, it has increasingly allocated capital to independent portfolio managers through dedicated arrangements such as separately managed accounts.
