Matteo Sardo, a rates-focused portfolio manager who previously worked at Taula Capital Management, has withdrawn from an agreement to join Point72 Asset Management and instead is returning to Millennium Management, according a report by Bloomberg.

The report cites unnamed people familiar with the matter as saying that Sardo had accepted an offer to work for Steve Cohen’s Point72 before changing course and agreeing to rejoin Millennium. He is based in Milan, where Millennium has an office.

Representatives for Point72 and Millennium reportedly declined to comment, while Sardo reportedly did not respond to requests for comment.

The move comes amid an increasingly competitive battle among major hedge funds for experienced portfolio managers and other investment professionals. The practice of traders accepting one firm's offer before switching to another has become more common as managers compete for talent, particularly as longer non-compete periods limit the pool of immediately available portfolio managers.