Quantitative Research Engineer – PhD Intern - US

Drew Gillanders will be hiring for Millennium's new London equities business. Maybe not from Citadel. 5 hours ago Drew Gillanders, aged 54, is leaving Citadel and joining Millennium. His exit from Citadel was reported last month. Bloomberg reported this week that Gillanders will soon be running a new Millennium business in London focused on international equities under Pete Santoro and Michael Chung. Gillanders didn't respond to a request to comment for this article. Both Citadel and Millennium declined to comment. Gillanders hasn't actually arrived at Millennium's UK business yet. He's thought to be on a notice period which is likely to last for at least a year. Since his departure, Citadel's international equities business has been run by 40-year-old Nabeel Bhanji from Elliott Management. Bhanji joined in November 2025. Citadel restructured its London equities operation and the international equities business run by Gillanders has now been combined with Citadel's "Strategic Equity Investments" team, run by Bhanji. Gillanders himself spent seven years at Citadel after joining in 2019. As Citadel's head of international equities from 2023, Gillanders is thought to have run a business encompassing 10-15 different portfolios. If this is replicated at Millennium, he could be doing a lot of hiring there. However, this hiring at Millennium may not involve people from Citadel. Gillanders is likely to be under a non-solicit agreement that will prevent him from recruiting his former colleagues for at least 15 months. Citadel also operates in a very different way to Millennium. Speaking to London students two years ago, Gillanders explained that Citadel takes a long-term view on risk and is able to "take more duration than other funds." Gillanders elaborated that: "Some of our peers have a more centralized risk function where if you're down 2% you have capital taken away from you. This means that you're having interactions with the risk function when you're 85 basis points down, and so you're playing not to lose rather than to win. Your returns in this case will likely be no more than 2% because you never let winners run and you cut losers very tightly." This all sounds a bit similar to the approach at Millennium, where risk limits can be famously inflexible. The Wall Street Journal reported last year that Millennium can cut teams' capital in half when losses hit 5% and then fire portfolio managers when losses exceed 7.5%. Portfolio managers familiar with the flexy regime at Citadel may not be partial to the Millennium approach. Gillanders himself will also need to adapt. Millennium's equities business has been co-run by Peter Santoro since 2017. Like Gillanders, Santoro previously worked for Citadel and Morgan Stanley. Unlike Gillanders, who is a former M&A banker and is focused on fundamental investing, Santoro is a career equities trader. Santoro moved to London last year and has already overseen a build of Millennium's London equities business. In February, he hired Erdit Hoxha, the former co-head of equities at Goldman Sachs, to sit in London within Millennium's 'office of the chief investment officer.' He also added Antoine Foucher from North Rock in December last year to run "equity advisory services." Foucher then hired Dom Duffy from Squarepoint in August. If you want to work for Millennium's expanding London equities business, you could try hitting up Santoro before Gillanders arrives. Alternatively, there's Sameer Buch, the London-based fundamental equities business development executive who joined in May. Santoro and Buch are likely to have hired Gillanders. It's not clear how much Millennium paid for the privilege, but DG was likely earning at least $10m at Citadel in London, even though he wasn't listed as a partner at any of its UK entities from 2021. Follow me on X. Follow me on LinkedIn. Have a confidential story, tip, or comment you'd like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email [email protected]. Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate. The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Boost your career. Find thousands of job opportunities by signing up to eFinancialCareers today. Top Articles

Morning Coffee: What it's like when Citadel really wants you. Another JPMorgan expenses case. 2 hours ago It's not easy to get a job at hedge fund Citadel. If you apply out of university, you will be up against thousands of other people and there will be an acceptance rate of 0.5% or less. If you apply for a more senior role you might encounter the ghSMART five hour interview scrutinising your childhood. If Citadel wants you, though, it will accommodate you. It has accommodated Alexey Poyarkov, whom - as we were first to report last week - it has hired from super-secretive, super-old school, quant trading firm TGS Management Company LLC. TGS is based in Irvine, which is in Orange County, California. Having extracted Poyarkov from the firm, Bloomberg reports that Citadel will have an office in Irvine too. Citadel's own site says that Poyarkov will be leading a new business called GQS SCI, based in Irvine. But Citadel's own map of current office locations shows no office in Irvine. Nor does its most recent ADV form. Poyarkov will seemingly be the start of his very own office. Citadel didn't respond to a query on whether this is the case. Unlike rival fund Millennium, which has a multitude of small offices accommodating the needs of experienced portfolio managers, Citadel has historically tended to cluster its employees in a few places (New York, Miami, once upon a time, Chicago). A new office in Orange County looks like a departure from this trend. Citadel also likes to have people actually in its offices, so Poyarkov is unlikely to be working from his garden shed. There are two reasons why Citadel would have opened a new Irvine office for Poyarkov. One is that he is so very talented that Citadel would have done anything to hire him. This is possible: as Citadel itself notes, Poyarkov is a "two-time math Olympiad gold medallist." When TGS hired Poyarkov in 2016, the Wall Street Journal reported that he was subject to a bidding war and that despite the fact that he had no previous finance experience, he was told he could earn $700k in his first year there. Ten years later, Poyarkov is presumably able to name his price, and his location. The second reason Citadel would have opened an office in Irvine is that Irvine is where TGS's other people are based. Bloomberg says Poyarkov will be expanding Citadel's quantitative investment organisation and running a new team based on systematic trading of global equities. This team will be hiring people from AI labs. Maybe it will be hiring other people from TGS too? Separately, a few months ago there was a FINRA arbitration in which a JPMorgan broker (Brent Ryan Bodner) spent $642 on a deli platter to share with a client and was fired because JPMorgan thought he was eating the platter himself. Bodner contested this and was awarded $4.2m in damages. Now another JPMorgan employee claims that he has been targeted as the result of an expenses case. In court filings, Brian Larson, a senior associate at the bank in the US, reportedly says JPMorgan queried his expenses of $40 for two Uber rides and that he was subsequently let go even though his JPMorgan manager had approved the expenses. Larson's Uber rides were to Pride events, which he says he was attending with JPMorgan's approval. Now he's suing JPMorgan and claiming he was discriminated against on the grounds of his sexual orientation. JPMorgan says it conducted a "thorough internal investigation we found no evidence to substantiate Mr. Larson's claims." Larson was on a short-term programme which didn't guarantee a full-time role, said the bank. A source at the bank told the Independent there were "gaps" in Larson's performance. Nonetheless, expenses claims at JPMorgan appear to be a risky business. Meanwhile... Citadel re-recruited Matt Giannini to hire people for its equities business. (Business Insider) "We've seen growing interest from large marketmakers and hedge funds to recycle risks from autocallable issuers. That was practically non-existent two years ago and it's now helping free capacity on the dealer side and allow the overall supply of structured products to grow." Citadel Securities, Jane Street, Millennium Management and Optiver have moved into this business. (IFR) People are starting to wonder about AI-related IPOs. SB Energy and Nscale, two data centre builders preparing for initial public offerings in New York are pursuing valuations of $50bn and $35bn respectively. But they have revenues of less than $140m. (FT) At least 10 senior bankers at ANZ Group Holdings are leaving the firm by October as Nuno Matos continues to overhaul the business. (Straits Times) Polymarket allows you to bet on whether banks like JPMorgan will fail. The FDIC isn't sure about this. (Bloomberg) Kelvin Chiu, founder of SilverCape Investments in Singapore, likes to hire talented traders who don't fit into traditional multi-strategy or hedge fund models. He finds them on social media and Substack. (Bloomberg) Joseph Baratta, the head of private equity at Blackstone, is leaving the firm aged 55. This is seemingly because Jon Gray (56) is expected to become the next CEO. (WSJ) It sounds easy to get a graduate financial services job in Japan. (Bloomberg) EY has designed simulations to let junior staff practice asking clients for information or confronting a co-worker about a missed deadline. This is to compensate for the fact that AI now does this and juniors need practice. (WSJ) Ben Rosen was an analyst at Morgan Stanley when he foresaw the growth of the personal computer in 1979. At conferences, he liked to balance chairs on his chin. (WSJ) My husband never stops working. Should I leave him? (Guardian) "I've had men crying in my office who are desperate for jobs. They have put three kids through private school, often have large mortgages and they aren't ready to give up on their careers. But no one will hire them." (The Times) Follow me on X. Follow me on LinkedIn. Have a confidential story, tip, or comment you'd like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email [email protected]. Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate. The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Boost your career. Find thousands of job opportunities by signing up to eFinancialCareers today. Top Articles