Key Takeaways
- • Max Witcher, a London-based delta one equity derivatives trader, has reportedly left Balyasny Asset Management (BAM) for Millennium, where he is understood to be set to run a new pod.
- • Witcher was deregistered from BAM's UK entity at the end of July, according to the FCA Register, but his official move to Millennium has not yet been confirmed.
- • Witcher was part of star portfolio manager Dan Avery's team at BAM, and Avery's pod is thought to be among the top performers at the firm this year.
- • Delta one trading, covering index rebalancing, ETF arbitrage, dividend trading and equity financing, remains in demand even as hedge funds scale back macro and credit portfolio managers.
Summary
Max Witcher, a London-based delta one trader, is understood to have left Balyasny Asset Management (BAM) and to be heading to Millennium, where he will run a new pod, according to eFinancialCareers. The publication notes that his official whereabouts remain unclear. Witcher did not respond to a request for comment, BAM did not comment, and Millennium declined to comment. The only confirmation of the move comes from the FCA Register, which shows he was deregistered from BAM's UK entity at the end of July. He has not yet been officially registered at a new firm.
Witcher is described as one of the best delta one traders in the market. Before joining BAM, he worked at LMR, and before that at JPMorgan and Goldman Sachs. At BAM he was part of the team led by star portfolio manager Dan Avery, who remains at the firm. Avery's pod is thought to be one of the top performing units at BAM this year, according to the report.
eFinancialCareers also points to a earlier registration history: the FCA Register shows Witcher was registered at Millennium for a brief three-month period during the 2020 pandemic. He then left the London market before reappearing at LMR nine months later. The publication says it is unclear what role he held during that interval, and suggests gardening leave may explain the gap.
The move comes as delta one trading continues to attract hiring interest. The report notes that while hedge funds are reducing their emphasis on macro and credit portfolio managers, delta one desks covering index rebalancing, ETF arbitrage, dividend trading and equity financing remain sought after.
Witcher is described as one of the best delta one traders in the market. Before joining BAM, he worked at LMR, and before that at JPMorgan and Goldman Sachs. At BAM he was part of the team led by star portfolio manager Dan Avery, who remains at the firm. Avery's pod is thought to be one of the top performing units at BAM this year, according to the report.
eFinancialCareers also points to a earlier registration history: the FCA Register shows Witcher was registered at Millennium for a brief three-month period during the 2020 pandemic. He then left the London market before reappearing at LMR nine months later. The publication says it is unclear what role he held during that interval, and suggests gardening leave may explain the gap.
The move comes as delta one trading continues to attract hiring interest. The report notes that while hedge funds are reducing their emphasis on macro and credit portfolio managers, delta one desks covering index rebalancing, ETF arbitrage, dividend trading and equity financing remain sought after.
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