Millennium Management is reportedly set to hire Max Witcher, a senior equity derivatives trader at Balyasny Asset Management, to lead a new investment pod in London, according to a report by eFinancialCareers.

Witcher, who specialises in delta one trading, is understood to have left Balyasny, where he worked within portfolio manager Dan Avery's investment team. UK Financial Conduct Authority records show that Witcher's registration with Balyasny ended in July, although his appointment at Millennium has yet to be formally confirmed.

Before joining Balyasny, Witcher held positions at LMR Partners, JPMorgan and Goldman Sachs. He was also briefly registered with Millennium in 2020, before subsequently moving to LMR.

The reported move comes as multistrategy hedge funds continue to compete for experienced equity derivatives specialists, particularly those focused on index rebalancing, ETF arbitrage, dividend trading and equity financing. Demand for delta one expertise remains strong even as some large platforms reduce exposure to underperforming macro and credit strategies.

Avery, whose investment pod is understood to be among Balyasny's stronger performers this year, remains with the firm. Millennium declined to comment on Witcher's reported appointment, while Balyasny and Witcher did not respond to requests for comment.