American hedge fund giant Millennium Management’s co-chief investment officer Bobby Jain is set to resign from his position in the midst of a leadership shake up at the firm, reported Bloomberg.

According to Millennium’s founder Izzy Englander, the company will set up an office of the CIO that will have two new co-CIOs and two officials for leading its asset class risk management activities, added the publication citing a company memo.

Paul Russo, who is the global head of equities risk at the $59bn firm, will assume the role of one of the co-CIOs.

The second recruit for the role, whose name is yet to be disclosed, will join the firm in May next year.

Jain, who became co-CIO of Millennium around six years back, will continue to help the company to build a new organisational base for its investment business, Englander said in the memo.

Englander added: “Given the size and scale of our business, as well as our diversification and the prospects for future growth, we have embarked on a deliberate journey.”

A company spokesman refused to give any update on the development.

Millennium head of rates, macro and commodities risk Scott Rofey along with cheif of credit and mortgage-backed securities risk Jeff Verschleiser will become parts of the new office of the CIO.  

In addition, the company has appointed Ajay Nagpal as its president. Nagpal will also continue to serve as chief operating officer.

In a separate report, Bloomberg stated that Millennium, which currently has presence in Dubai, will have to share space in the emirate’s hedge fund market as Balyasny Asset Management will open a branch in Dubai.