Credit Suisse’ global head of asset management, Bob Jain, will join New-York based Millennium Management.
Jain will reportedly join Millennium at the end of June to become co-chief investment officer, according to an internal memo.
His departure comes as Credit Suisse’s new chief executive, Tidjane Thiam, looks to overhaul and dramatically resize the group.
Last week, it was announced the bank would slash an additional 2,000 jobs from its investment banking business as part of Thiam’s restructuring programme.
In addition, the departure of Jain marks the latest move from Credit Suisse in its transition to focus more on its wealth management business, which reported net new assets of over $15 billion in the first quarter across its private banking unit.
Millennium, foundered by Israel Englander, is one of the largest 20 hedge funds in the world by assets under management.