Quant trading head joins Millennium after 21 years in banking to work on risk

There's more to roles in quant finance than just quant trading, as discovered by Jeff Berton. After more than 20 years spent in quantitative trading roles in banking, Berton has decided to switch it up by moving to a hedge fund to work on risk.

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Berton has joined Millennium as its global head of equity volatility risk, based in New York. He spent the last six years at Citi, where he was brought in to lead its quantitative index strategies team, CIS. He was also concurrently North America head of exotics trading.

Before Citi, Berton ran the quantitative investment solutions (QIS) team at Credit Suisse. He was also formerly head of US exotics trading at JPMorgan.

According to FINRA's BrokerCheck, Berton left Citi in May of last year. It's not clear why he has been out of the market (presumably gardening leave), nor is it clear when exactly he joined Millennium.

Working in quantitative risk for a hedge fund can be a pathway to bigger things. Giuseppe Paleologo was previously head of enterprise risk at Millennium but has since gone on to become head of quantitative research at Balyasny. He said last year that risk roles can be "extremely intellectually satisfying" and conducive to long, fruitful careers, so we might see Berton stay out of trading for a little while yet.

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