Millennium Management has committed more than $3bn of capital to two external hedge fund managers, continuing the $84bn AUM firm’s strategy of backing specialist teams as part of its multi-manager platform, according to a report by Bloomberg.
The firm has allocated approximately $2.3bn to London-based Fulcrum Asset Management, according to people familiar with the matter. The capital will be run within Fulcrum’s equities business led by partner Fawaz Chaudhry through a separately managed account. The team is set to operate under the name Horizon Global Partners, with Chaudhry serving as chief investment officer.
In a separate allocation, Millennium has committed around $850m to Armar Capital, a newly established firm founded by Martin Deurell and Gary Lee. The pair previously co-founded Kersley Street Capital, a Europe-focused financials hedge fund that was backed by Brummer & Partners.
The latest commitments add to a growing list of managers supported by Millennium, as multi-strategy hedge funds increasingly allocate capital to external teams to access new sources of alpha and expand capacity. Recent beneficiaries of Millennium capital include former LMR Partners portfolio manager Lorenzo Rossi, ex-Marshall Wace investor Ravi Naresh and former Goldman Sachs professional Qin Xiao.
