Philip Allison Joins Millennium as Head of Equities in London

He moves to the firm from Morgan Stanley.

Millennium Management hired Philip Allison from Morgan Stanley earlier this month to lead its equities desk in London, Finance Magnates has learned.

Allison was head of automated trading at Morgan Stanley for two years before taking on his new role as head of equities, EMEA, at Millennium.

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His career began as an equity trader at UBS, where he spent more than 16 years in various roles.

Before leaving the bank in 2014, Allison was the European head of equities.

Allison joined KCG Holdings, now Virtu Financial, as chief executive officer, Europe, in 2017. Three years later, he became co-head of US client market-making at the firm.

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Hiring spree since March

Market sources revealed that Allison’s appointment follows the recent addition of Saba Capital Management co-founder Jeremy Benkiewicz to Millenium’s New York headquarters.

According to recent reports, Millennium has been on a hiring spree adding around 100 new employees, mostly portfolio manager, analysts, and data scientists, since the beginning of the Covid-19 pandemic in March this year.

Just recently, the firm onboarded Ruchit Puri, who was head of stock equity derivatives trading Asia-Pacific at Goldman Sachs before, sources revealed. He will run his own trading pod in Hong Kong.

Millennium is reportedly in talks to raise up to $3bn in capital with a longer lock-up after raising $4.1bn last year, and a further $3bn earlier this year on stringent liquidity terms.

The firm has reportedly recovered from its March losses and was up 9% this year through mid-June.

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