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April 05, 2017  

Millennium Signs Ex-SAC Operations Boss

Operations specialist Michael Ferrucci joined Millennium Management on April 3, as Izzy Englander continues to overhaul the executive ranks of his $35 billion hedge fund firm.

Ferrucci is serving as global head of a Millennium unit called equities advisory services, which plays a support role for the firm’s 100 or so portfolio managers who trade stocks. The role is similar to the one he performed at Steve Cohen’s family office, Point72 Asset Management, and its predecessor hedge fund firm, SAC Capital. Ferrucci left Point72 late last year after joining the Stamford, Conn., firm in 2008.

Ferrucci’s arrival at Millennium comes on the heels of Peter Santoro joining the New York firm in February as head of equity trading after serving as Morgan Stanley’s global equities chief. And last month, Millennium hired Ariel Masafy, who was previously a senior consumer portfolio manager at Point72. It’s unknown when Masafy is due to start work at Englander’s firm.

Following a disappointing 2016 and the surprise March exit of Millennium fixed-income chief Michael Gelband, Englander is scrambling to revamp his operations. As part of that initiative, he is changing the firm’s approach to risk management.

Ferrucci is best known for running the London office of Point72, though he most recently oversaw Point72 affiliate EverPoint Asset Management, a long/short equity-trading operation. At SAC and Point72, Ferrucci was responsible for recruiting portfolio managers as well as handling marketing and administrative functions. He was hired by former chief operating officer Sol Kumin, who now runs fund-management firm Folger Hill Asset Management.

Before going to work at SAC, Ferrucci worked in the equity sales area of Deutsche Bank from 2003 to 2008. He started his career at Morgan Stanley after graduating from Harvard University, where in 1998 he was voted the Ivy League Player of the Year in Lacrosse.

Ferrucci represents the last of Point72’s old guard, lieutenants whom Cohen relied on to handle operational functions prior to the firm pleading guilty to insider-trading charges in 2013. SAC agreed in 2014 to pay $1.8 billion to settle civil and criminal penalties, and was banned from managing money for outsiders until the start of 2018.