Jain Global, former Millennium co-CIO Bobby Jain’s much anticipated hedge fund launch, may be struggling to hit its original fundraising target, but recruitment is continuing apace, with Adil Hayat as the firm's latest new recruit, according to a report by eFinancial Careers.

Hayat has quit his position as an Executive Director at Morgan Stanley, where he has spent the last six years, having joined the firm as an Associate back in 2018, to take up the position of Quantitative Researcher at Jain's New York office.

Hayat began his career as a Research Analyst at Deep Value in Bangalore, India in 2012, before moving to Goldman Sachs's office in the city as an Associate ahead of a move to New York for a Hirt stint with JPMorgan Chase in 2017.

According to an FT report earlier this week, Jain has lowered its fundraising expectations from $8bn to $10bn AUM to just $5bn to $6bn, ahead of a planned summer launch.