John Curtice, a high-profile and costly recent hire by Millennium Management, has left the hedge fund less than a year after joining from rival firm ExodusPoint Capital Managment, having repeatedly exceeded Millenium's risk limits during his short tenure, according to a report by eFinancial Careers. 

The report cites unnamed sources familiar with the matter as revealing that as Curtice’s performance slipped from its initial peak, Millennium reduced his trading capital allocation from $2bn to $1.5bn. Since starting trading at Millennium, Curtice reportedly incurred a net loss in the low-single-digits, though his performance didn’t breach stop-loss thresholds.

Curtice and a spokesperson for Millennium declined to comment on the departure.

Curtice was previously a standout performer at ExodusPoint, where he generated substantial profits over more than four years. Millennium reportedly offered potential payouts exceeding $50m to attract him.

Millennium, which manages over $70 billion and has more than 330 trading teams worldwide, continues to attract and deploy capital across its global multistrategy framework.