Millennium Management has combined the trading operations of Senior Portfolio Managers Nicolas Caron and Pierre Negre, creating a new internal brand, “Alpina,” as the $78bn multi-strategy hedge fund steps up efforts to retain top talent, according to a report by Bloomberg.

The report cites unnamed people familiar with the matter, as revealing that both managers recently considered leaving the firm, but agreed to stay after Millennium increased their capital allocations and long-term incentives. Under the Alpina banner, they will continue to run European equity strategies, with Caron covering industrials and Negre focused on utilities. The pair remain based in Zug, Switzerland.

The move underscores Millennium’s broader push to secure key trading talent and prevent attrition, while simultaneously expanding its roster of external portfolio managers with attractive payouts and significant backing. The firm has been one of the most active recruiters in the sector, capitalising on its scale and deep resources to lure star managers and retain high-performing teams.