Who’s hiring Florida PMs, where talent is coming from, and which skills are most in demand
– AMObserver, July 9, 2026
Florida’s market for hedge fund portfolio managers is showing early signs of change, according to a midyear snapshot from search and talent analytics firm The Kronor Group (TKG), providing one of the first indicators of broader recruiting trends in the state’s hedge fund sector.
SUMMARY FINDINGS
— Millennium Management led Florida PM hiring both in external hires and internal promotions; Balyasny Asset Management, J. Goldman & Co. and BlueCrest Capital Management were among those who also added multiple PMs. Citadel was relatively quiet.
— Over half (56%) of new Florida’s PM hires came from within the state — the first time in-state PM hires have topped half since TKG began tracking the data. Florida and New York together supplied 89% of new PM hires, also a record.
— Equities specialists made up 67% of PM hires, with energy experts making up nearly half of that group; global macro hiring rose to 25%.
— Citadel, Millennium, Balyasny and Point72 each lost several PMs, mostly to rival funds or new launches.
— Several PMs who left the global multi-strats resurfaced at new firms within three months — despite reported multi-year non-compete and ‘garden leave’ terms — suggesting non-compete enforcement varies case by case.
Millennium Leads Florida PM Hiring, Citadel and New Funds Quieter
Millennium topped Florida PM hedge fund hiring in the first half, both in external hires and in promotions to PM and investment-leadership roles, according to the study. The nearly $90 billion, 6,700-person global multi-strategy fund is headquartered in New York City and maintains offices in Miami and West Palm Beach; its latest Form ADV filing with the Securities and Exchange Commission lists 45 Miami-based investment staff.
Millennium has ranked first in total Florida hirings in each of the last three years, according to TKG’s earlier report covering Florida hedge fund hires through 2025.
Chicago-headquartered Balyasny Asset Management added multiple Florida PMs, as did J. Goldman, a New York-headquartered equities manager with about $5 billion in assets and 110 employees, and BlueCrest Capital Management, a London-headquartered family office with roughly 650 employees worldwide (assets not disclosed). TKG estimates J. Goldman and BlueCrest have about six and 15 Florida-based investment staff, respectively.
Citadel, which relocated its headquarters to Miami in 2022, was comparatively quiet, based on publicly available information, both against its own prior-year totals and against peers. The firm manages more than $67 billion, employs over 3,100 people worldwide, and lists 21 investment staff in Florida on its latest ADV filing. Citadel Securities, the firm’s market-making entity, was excluded from the hiring count.
Hedge funds launched over the last few years in Florida have slowed their recruiting after building out senior investment teams. CIOs at 2026 launches have yet to hire non-founder PMs.
In-State PM Talent Pool Hits Record Share
Florida’s hedge fund hub, built up over the past five years, is increasingly generating its own senior trading talent rather than relying on transplants.
In-State Share of New PM Hires – Florida
Source: The Kronor Group
More than half of all Florida PM hires in the first half came from within the state — the highest share since Kronor began tracking the data. Florida-based PM hires made up 56% of the total, with New York supplying another 33%; together the two markets accounted for 89% of new PM hires, also a record. Non-US PM hiring remain rare in Florida.
Equities and Energy Lead Demand
Equities specialists accounted for 67% of PM hires, with energy specialists making up nearly half of that group. Firms also hired healthcare, consumer, and financials (FIG) specialists, along with event-driven generalists. Global macro hiring climbed to 25% of total PM hires, with corporate credit rounding out the rest.
PM Hires by Industry and Asset Class – Florida
Source: The Kronor Group
Global Multi-Strats Losing Multiple PMs
Citadel, Millennium, Balyasny and Point72 each lost several PMs during the period (voluntary or involuntary), mostly to rival funds or new launches; only a small number left the industry entirely. An even smaller share departed Florida for another portfolio manager role elsewhere, and when they did, New York was the only destination, TKG found.
Non-Compete Timelines Shorter Than Reported
Start-date analysis shows PMs who left for other firms often resurfaced faster than commonly assumed. Several who departed Citadel — whose founder, Ken Griffin, backed Florida legislation permitting four-year non-competes and garden-leave terms — joined new firms within three months, despite the multi-year restrictions the firm is reported to impose. That pattern suggests enforcement, or negotiation, of non-competes is handled case by case rather than uniformly, TKG said.
TKG surveyed 200 hires from H1 2026 across all functions and levels, including new PM recruits (75%) and internal promotions to PM and investment-leadership roles (25%). The study follows TKG’s earlier report of Florida hedge fund hiring from 2023 through 2025.
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