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Rates manager Matteo Sardo rejoining Millennium instead of Point72

The shift underscores how hedge funds are competing for experienced portfolio managers as longer non-compete periods constrain the talent pool.

Reported · Written up by our desk · Hedge Funds

Matteo Sardo, a rates-focused portfolio manager based in Milan, has backed out of an agreement to join Point72 Asset Management and will instead return to Millennium Management, according to a report by Bloomberg carried by Hedgeweek.

The report says Sardo had accepted an offer from Point72 before changing course and agreeing to rejoin Millennium, which has an office in Milan.

Hedgeweek also notes that representatives for Point72 and Millennium declined to comment, and Sardo did not respond to requests for comment.

The move comes as hedge funds increasingly compete for experienced portfolio managers, with the outlet saying the practice of accepting one firm’s offer before switching to another has become more common amid longer non-compete periods.

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