Millennium to adjust its architecture again; plans to establish a new credit trading department.

Millennium Management is spinning off a dedicated credit trading unit from its fixed income business, in the latest move by this multi-strategy hedge fund giant. According to sources familiar with the matter, the newly formed credit business unit will be led by Dan Friedman. Friedman will report to Millennium's Co-Chief Investment Officer Justin Gmelich. The sources requested anonymity as the information has not yet been made public. A spokesperson for the investment company, which manages around $83.4 billion in assets, declined to comment.