Millennium Management has hired Citi’s head of U.S. equities trading, Armando Diaz, as their new head of global trading, according to a person familiar with the firm.
Diaz’s start date has not yet been finalized. His formal title will be senior managing director of global execution services, and he will likely report to Mark Meskin, the company’s chief trading officer.
Diaz joins Izzy Englander’s Millennium after three years at Citi. Earlier, he spent nearly two decades at Goldman Sachs, having risen through the ranks of cash and derivative trading to eventually earn a partnership.
Millennium has an increasing amount of capital to put to work. It shot up from $9.2 billion to $11.6 billion in assets over the past year, according to the latest AR Billion Dollar Club ranking. That was the heftiest percentage increase of any fund its size or larger on the list for the past 12 months. Millennium is now the 29th largest U.S. hedge fund by assets.
It has also weathered the tumultuous markets relatively well. The firm’s flagship multistrategy fund was up 5.56% for the year through the end of August, compared with 1.22% for the AR multistrategy index.
Diaz, whose formal title at Citigroup was head of U.S. cash equity execution, did not respond to a request for comment. Citigroup confirmed his departure and said Kevin Russell, head of equities trading for the Americas, and Brennan Warble, head of sales trading for the Americas, will now split his responsibilities.