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Millennium and Schonfeld in tie-up talks

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Multi-strategy major Millennium Management is in advanced talks over a partnership with smaller rival Schonfeld Strategic Advisors. The partnership would see Izzy Englander’s firm put billions of dollars to work with Steven Schonfeld’s computer-driven fund, according to a report by The Financial Times.

The report cites unnamed sources familiar with the situation as confirming that the terms of the agreement, which has yet to be finalised and would be one of the largest of its kind in the $4tn hedge fund industry, would allow Schonfeld to carry on managing money for other investors as well as Millennium.

Schonfeld currently manages $13bn via over 100 investment teams, while Millennium has almost $60bn in assets, and employs more than 5,300 people. If the partnership proceeds, Schonfeld would remain independent and use Millennium’s long-term capital to fuel the growth of its business.

Millennium already has a similar partnership agreement with WorldQuant, the quantitative investment shop run by Igor Tulchinsky, which was spun out out of Millennium in 2007. WorldQuant currently manages around $10bn, split between the $7bn or so it trades on Millennium’s behalf and a roughly $3bn fund open to other investors.

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