Millennium Management has recruited Paulo Costa, a recently promoted managing director from Goldman Sachs, in a move that highlights continued competition for top trading talent, according to report by eFinancial Careers.

Costa, who was based in London and worked on Goldman’s dividend trading desk, had only recently been elevated to managing director, becoming one of the youngest professionals to reach that level at the firm. His departure underscores the strong pull of multi-manager hedge funds, which continue to attract senior bank talent with the promise of performance-driven compensation and greater trading autonomy.

It is not yet clear whether Costa will join an existing investment pod at Millennium or launch a new strategy within the platform. The firm is known for its pod-based model, allocating capital to individual teams across asset classes and regions.

Costa began his career at Goldman Sachs after studying economics at the University of Warwick, having developed an early interest in markets during the European sovereign debt crisis.

Neither firm nor Costa have reportedly commented on the move.