Rates PM Withdraws Point72 Acceptance, Returns to Millennium

Matteo Sardo, a rates-focused portfolio manager based in Milan, withdrew his acceptance of an offer to join Point72 and has agreed to return to Millennium Management.

People familiar with the situation confirmed Sardo had accepted Point72’s offer before changing course and rejoining Millennium.

Sardo previously worked at Taula Capital Management and is based in Milan, where Millennium maintains an office.

Representatives for Point72 and Millennium declined to comment, and Sardo did not respond to requests for comment.

The development comes amid increased recruiting by major hedge funds for experienced portfolio managers and other investment professionals. Firms have stepped up hiring in Europe and the U.S., and managers frequently move between competing firms.

Longer non-compete periods have reduced the pool of managers who can start immediately, adding pressure on firms to secure talent quickly. Accepting one firm’s offer and switching to another shortly after has become more common.

Millennium Management and Point72 are large, multi-manager hedge funds that have been active in recruiting and making counteroffers.