A star trader who generated $7 billion in revenue is preparing to set up his own hedge fund with former colleagues.
Michael Gelband, who previously led the fixed income operation at $35 billion hedge fund Millennium Management, is laying the ground work to launch a fund with Hyung Soon Lee, Millennium’s former equity chief, according to people familiar with the matter.
Bloomberg previously reported that Gelband might try and set up a fund with Lee, but those plans have since started to take shape.
The fund is in the early stages of planning and is expected to launch as early as the end of this year or the early part of next year, one of the people said. The fund has already generated significant investor interest and is expected to be large, several people said.
Business Insider earlier reported that Peter Hornick, who had been global head of business development at Millennium, has left the firm. He is expected to join Gelband and Lee’s new operation, according to people familiar with the matter.
In addition, several other Millennium staffers have recently left, according to people familiar with the matter. They include:
- Patrick Tynan, business manager for equities management
- Enrico Corsalini, business manager for fixed income
- Dev Joneja, the firm’s head of risk, is currently still working at the firm and expected to leave in the coming months, the people said.
A spokesperson for Millennium declined to comment.
Gelband announced he would be leaving Millennium back in January. He told colleagues in an email at the time that the fixed income unit he headed had created $7 billion in trading revenue in his eight years at the firm, Bloomberg reported earlier this year. Hyung Soon Lee left the firm last year.