Millennium Management is set to rehire James Watson, a senior macro portfolio manager who recently departed Balyasny Asset Management (BAM) in London, according to a report by eFinancial Careers citing unnamed people familiar with the move.

Watson joined Balyasny from Millennium in September 2024, having spent almost seven years at the multi-strategy hedge fund. During his previous tenure, he is understood to have managed a trading team of more than 20 people.

At Balyasny, Watson also built a team, although on a smaller scale. The status of the group following his departure remains unclear, but several members are understood to have already left the firm.

Departures reportedly include Aditya Singh and George Tyrell, both of whom joined Balyasny from Goldman Sachs in 2024 and left in July, according to the UK Financial Conduct Authority's register. Olek Gajowniczek, formerly of Nomura, has also been linked to Watson's team.

Separately, there are suggestions that John Sun, who works for Balyasny in New York, could also be moving to Millennium.

Neither Millennium nor Balyasny reportedly commented on the reported moves, while Watson reportedly did not respond to a request for comment.