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About the Role
The Volatility Alpha Development team is the core quantitative and strategy group supporting Millennium’s global volatility business. The team builds and maintains systematic options datasets, backtesting infrastructure, event volatility models, and live systematic volatility-fitting frameworks. Working at the intersection of quantitative research and real-world investment processes, the team supports Portfolio Managers across global volatility strategies.
Responsibilities
- Conduct quantitative research on market volatility, including volatility surface fitting, systematic options P&L dataset generation, event volatility analysis, alternative data research, AI-based hypothesis testing, and backtesting platform development.
- Research global systematic options markets, including single-stock versus index spreads and bespoke ETFs, to develop datasets and prototype strategies that support alpha-focused investment processes.
- Combine financial intuition with statistical learning techniques to develop predictive models for use in the investment process.
- Build robust quantitative research infrastructure and systematic datasets for global options and volatility markets.
- Partner with Senior Portfolio Managers to integrate Volatility Alpha Development datasets into investment strategies and risk-management workflows.
- Contribute to prototype alpha strategy development across the Volatility Alpha Development platform.
Requirements
- Master’s degree or PhD in a quantitative STEM field, such as Physics, Mathematics, Statistics, Engineering, or Operations Research.
- At least three years of experience in investment management or a quantitative research environment.
- Strong programming skills in Python, R, MATLAB, or C++
- Deep knowledge of financial markets, particularly options and derivatives.
- Experience with machine learning, statistical modeling, and data visualization.
- Experience across Equity, Commodities, Foreign Exchange, or Interest Rates markets.
- Excellent analytical, problem-solving, and communication skills.
Skills
- Python
- R
- MATLAB
- C++
- Machine Learning
- Statistical Modeling
- Data Visualization
Location
- New York City
Work Type
- Full-time
Experience Level
- 3+ years
Education Level
- Master's degree or PhD
Salary/Compensations
- $175,000 to $250,000
Benefits
- Base salary
- Discretionary performance bonus
- Comprehensive benefits
About the Company
- Millennium is a global, diversified alternative investment firm, founded in 1989.
- Defined by evolution, innovation and focus, Millennium’s mission is to deliver results for our investors.
- Our people are empowered with both independence and support: the autonomy to pursue ideas with conviction and the backing of a global network committed to collaboration, disciplined risk management and continuous learning.
- With opportunities to deepen expertise and accelerate development, talent at Millennium is equipped to adapt, evolve and build lasting impact over time.
- Discover how transformative growth accelerates impact.
- The Information Technology department is core to the health and growth of Millennium’s active, multi-manager business model, developing flexible, scalable technology and advanced proprietary systems that support next-generation analytical and trading capabilities.