The global head of Credit Suisse Asset Management, will leave the Swiss bank to become co-chief investment officer at Millennium Management.
Bob Jain, who joined Credit Suisse in 1996, will manage capital allocations and risk at Israel Englander's New York-based hedge fund later this year, according to unnamed sources who spoke to Bloomberg.
Jain was formerly head of the equities business at Credit Suisse before moving to the bank's asset management division in late 2012.
Credit Suisse's share price rose last week after the bank sped up restructuring by confirming 2,000 jobs would be cut in its global markets division. These were on top of 4,000 previously announced job cuts aiming to reduce costs in its troubled global markets section.
It was announced last week that the new chief executive of Credit Suisse, Tidjane Thiam, received 18.9m Swiss francs (£13.7m) in 2015, his first year at the company, even after asking for a cut in his bonus.
Credit Suisse declined to comment on the move.