Tower Research lost a top credit trader to hedge fund Millennium despite fixed income push
According to the FT, Tower Research Capital is ramping up its fixed income trading operations to compete with the likes of Jane Street. It's currently trading 500 fixed income ETFs, up from 30 nine months ago. It plans to double its involvement in the space from here, but will have to do so without one of its most senior credit professionals.
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Wesley Chen has left Tower Research to join hedge fund Millennium as a portfolio manager in New York. FINRA's Brokercheck tool shows that Chen left the proprietary trading firm on June 16th. He spent three and a half years at Tower, where he was co-head of investment grade credit trading. Prior to Tower, Chen spent seven and a half years at Goldman Sachs, which he joined as a graduate.
Chen's co-head was Rahul Patel, an ex-Verition quant trader who joined a year earlier in 2022. Both men only became registered with FINRA in 2025. It's not clear whether Patel will now take sole control of the team, or whether Tower will appoint a replacement for Chen.
Millennium seems to have a thing for Tower Research staff in 2025. In April, it hired the firm's CTO, Alexandre Fournier, to work on low-latency infrastructure. Tower's culture is the most similar to a hedge fund among the major prop firms due to its various siloed pods.
Millennium declined to comment while Tower Research did not respond to a comment request.
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