Millennium hired Goldman Sachs' former head of London energy trading in a tax haven
Dubai and Abu Dhabi are the trendiest places to work for hedge fund portfolio managers looking to minimize tax expenditure, but the latest hire at Millennium seems to prefer the classics. Emmanuel Clair, who spent most of his career as a trader in London, is joining the hedge fund on the nearby island of Jersey as a senior commodities portfolio manager.
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Clair, who holds a PhD in quantitative hydrology, spent the last two years running his own commodities management firm, Dolment Advisors. Before that, he held a number of senior roles in the energy trading space. He spent a decade at Goldman Sachs, where he was head of London energy trading and global head of crude oil derivatives trading. He also spent eight years at energy trading firm EDF where he was head of power options and structured products trading.
Millennium has a minute presence in Jersey at the moment. Earlier this year, it was reported to be considering an expansion of its (pre-existing) presence on the island to provide an alternative office for PMs who were put off living in the UAE by recent conflicts. Expired job listings via LinkedIn show that Millennium was hiring a commodities portfolio manager in Jersey over a year ago; it's unclear whether this was for Clair or a separate hire, but it appears Millennium's interest in Jersey as a commodities trading hub is irrespective of the state of UAE hiring.
Millennium's other Jersey-based employees seem to prefer a low profile. The only other investment professional with a public profile is Daniel Nunns, another recent hire who joined as an energy analyst in June. He was most recently at BlueCrest, also based in Jersey.
Jersey isn't quite as lax with tax as the UAE. You're more likely to pay taxes of 20% there, whereas you'll often pay nothing in Dubai. Despite the luxurious image of the latter, the cost of living in Jersey is over 34% more than the UAE.
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