Philippe Chouvin Moves to Millennium: A Hedge Fund Journey
Philippe Chouvin, the former top JPMorgan index swap trader, has made another career move in the hedge fund industry. After leaving JPMorgan in 2021 for Qube Research and Technologies in Paris, Chouvin is now joining Millennium, a prominent hedge fund. Sources indicate that he will be part of one of Millennium’s largest pods, led by Pratik Madhvani in Dubai, while continuing to reside in Paris. It is also rumored that a former colleague from JPMorgan and Qube will be accompanying him to Millennium.
Chouvin’s career trajectory includes stints at Societe Generale and Credit Suisse before his tenure at JPMorgan, reflecting a history of experience in top financial institutions. Notably, the founders of Qube Research and Technologies also have backgrounds at Societe Generale and Credit Suisse, indicating a shared professional lineage.
Qube has faced criticism from some former traders and portfolio managers for its bonus structure, which allegedly fails to align bonuses proportionally with profits and imposes lengthy bonus deferral periods of up to three years. In contrast, Millennium is known for its more formulaic approach to compensation, which may have influenced Chouvin’s decision to transition to the firm. Speculation suggests that Chouvin’s bonuses from Qube may have been bought out as part of his move to Millennium.
Pratik Madhvani’s Pod at Millennium
Pratik Madhvani leads a pod at Millennium that specializes in index rebalancing strategies and reportedly comprises nearly 30 team members. Earlier this year, the pod was reported to have incurred a significant loss of $900 million, potentially prompting concerns about capital allocation. However, Madhvani, along with former Goldman Sachs VP Glen Scheinberg, is recognized as one of Millennium’s top revenue generators, underscoring the team’s resilience and ongoing success.
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Overall, Philippe Chouvin’s transition to Millennium represents a strategic career move within the hedge fund industry, aligning with his expertise and the firm’s reputation for financial excellence. As he embarks on this new chapter, Chouvin’s experience and skills are poised to contribute to the ongoing success of Millennium’s operations.
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