Newly promoted 29-year-old Goldman Sachs MD escapes to hedge fund Millennium

Four months ago, Paulo Costa, a 29 year-old trader on Goldman Sachs' London dividend trading desk, became the firm's youngest new managing director. "I was already beyond proud of working here" Costa informed Business Insider at the time. "I never imagined that, when I was 29, I would be at this stage of my career."

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Now Costa is at another stage of his career. We understand that he has resigned from his elevated position at Goldman Sachs and is joining hedge fund Millennium instead. Goldman Sachs declined to comment. So did Millennium. Costa didn't respond to an invitation to say something.

It's not clear whether Costa is joining an established pod at Millennium. The hedge fund paid its average London employees £717k each in 2024 (the last year for which figures are available), while its average partners earned £4.2m each.

Costa's Millennium move means he is no longer working with his wife, who is a prime broker at Goldman. The two reportedly met at the firm in 2018.

Costa's parents are doctors in Portugal. He became interested in economics during the European Sovereign debt crisis and began making "very small trades" at the age of 11 before studying economics at the University of Warwick. He joined Goldman a decade later. 

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