Alex Blanchard, a veteran short-term interest rate (STIR) trader and former Goldman Sachs executive, has joined hedge fund giant Millennium Management as a portfolio manager in Dubai – his second hedge fund role in the city this year, according to a report by eFinancial Careers.

Blanchard announced his move to Millennium on LinkedIn, marking a swift career rebound after his unexpected departure from Point72 in May. At Millennium, he is expected to focus on rates trading, leveraging his two decades of experience at Goldman Sachs, where he built a reputation as a STIR “guru” and was reportedly on the path to partnership before exiting in 2019.

Following Goldman, Blanchard joined Point72, where he spent nearly five years – first in Connecticut, before relocating to Dubai. His May departure came amid a turbulent period for traders engaged in the popular basis trade strategy, which saw losses at several firms.

Millennium’s Dubai office, launched in 2020, now boasts a team of approximately 20 portfolio managers. The firm has been steadily expanding its talent base in the region, with recent hires including Keisi Hysa, a former Citadel PM specialising in consumer equities.