Millennium Hires Senior Credit Trader From Tower Research

Millennium Management has hired a senior credit trader from Tower Research Capital in recent weeks. The trader joined Millennium’s multi-manager platform to work on fixed-income and credit strategies.

The trader is expected to trade corporate debt, structured credit and fixed-income ETFs, according to people familiar with the hire. The role adds senior execution capacity to Millennium’s credit activities.

Tower Research Capital has been expanding its fixed-income operations, investing in teams and technology for cash credit trading and the fixed-income ETF market.

Millennium provides portfolio managers with capital allocations, trading infrastructure and risk systems. Those resources support credit strategies alongside other investment approaches on its platform.

Higher interest rates, greater market volatility and rising electronic trading volumes in fixed income have altered trading flows and supported growth in fixed-income ETFs. Market participants have been recruiting specialists to trade both bonds and ETF products.

Hedge funds and proprietary trading firms are competing for experienced credit traders. Firms are also investing in execution systems, market-making relationships and portfolio risk controls to support active credit trading across cash and ETF venues.

A Millennium spokesperson declined to comment. Tower Research Capital did not respond to a request for comment.