Hedge Funds Get ‘Gazumped’ in New Poaching Strategy Boosting Pay

Millennium Management just got “gazumped.”

A big-deal new hire, Tarun Tyagi, recently quit before even starting his new job at Millennium. The currency trader jumped back to his previous firm Capula Investment Management, undeterred by a penalty tied to tearing up his contract with billionaire Izzy Englander’s giant hedge fund firm. His old-employer-turned-new-employer even defrayed the cost of what Millennium offered him to sit out during his gardening leave.

So it goes across the hedge-fund industry these days as the fight for talent reaches new extremes. Gazump — the latest term on many lips — is a Britishism from real estate. It ...