Millennium Management, the $18.5 billion US hedge fund manager run by Izzy Englander, has hired a head of European business development as the firm continues to capitalise on a strong environment for hiring portfolio managers.

Stephen Keller, a managing director and senior relationship manager for hedge funds within UBS' investment bank, has left the Swiss bank, according to two people familiar with the situation. He is set to join Millennium in London as head of European business development, a role that will involve sourcing potential portfolio managers for the firm to hire, one of the people said.