Multi-strategy major Millennium Management has allocated $4.2bn to two independent hedge fund managers, reinforcing its strategy of seeding top-tier external talent amid surging assets under management, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Millennium is backing Ravi Naresh, a former Marshall Wace partner, with approximately $3bn to run an equity long-short strategy through his newly launched firm, KR Capital. Naresh will manage Millennium's capital exclusively through a separately managed account.

Millennium is also allocating about $1.2bn to Thomas Wong’s firm, Optimas Capital Management, which focuses on pan-Asia equity long-short strategies. Wong, a veteran of Credit Suisse, UBS, and Bank of America Merrill Lynch, has led Optimas since its 2016 launch. The firm's flagship Optimas Global Alpha Fund returned 3.7% in the first five months of 2025, and has consistently delivered double-digit returns in most years since inception.

This latest deployment follows a string of similar moves by Millennium, which has previously backed managers such as John-Michael Grzan (ex-BlueCrest), Scott Balkan (ex-PointState), and Ben Wallace (ex-Janus Henderson). The firm’s external capital allocation strategy is part of a broader effort to diversify its alpha sources and attract top-performing portfolio managers amid intense competition in the multi-strategy space.