Soren Gandrud, a former healthcare Portfolio Manager at Millennium and Citadel, is launching his own hedge fund, Jones Hill Capital, with backing from $12bn multi-strategy firm Walleye Capital, according to a report by Business Insider.
The report cites unnamed sources close to the matter as revealing that the new fund is targeting at least $500m in assets and aims to start trading in the first quarter of 2026.
Gandrud spent roughly three years at Millennium before leaving to start Jones Hill and previously invested for a decade in Citadel’s Surveyor unit. He also worked as an analyst at HealthCor Management, a Tiger Cub firm.
His new team includes industry veteran Marty Meekins as COO and former Tourbillon and Balyasny investor Nik Khetarpal.
Walleye Capital, based in New York, has increasingly deployed capital to external managers as part of its multi-strategy business, giving independent hedge fund teams the freedom to manage their own capital within the Walleye Opportunities Fund. Other Walleye-backed managers include former Citadel portfolio managers such as Tommaso Trento at Benchstone Capital and Chris Connor at Ardmore Road Asset Management.
Gandrud and Walleye declined to comment.
