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Millennium and Schonfeld pull plug on tie-up talks

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Talks over a potential tie-up between Millennium Management, the $60bn multi-strategy hedge fund firm led by Izzy Englander, and Schonfeld Strategic Advisors, have ended without an agreement being reached, according to a report by the Financial Times.

The report cites unnamed sources as confirming that the two firms had been in serious discussions for several months over a deal for Schonfeld to manage money on behalf of Millennium, giving the larger firm access to Schonfeld’s 100-plus investment teams, as first reported by the FT last month.

Existing investors in Schonfeld though, which manages $11.7bn, have reportedly said they would provide an additional $3bn in funds for the firm to manage, prompting Schonfield to walk away from the proposed deal with Millennium.

New York-based Schonfeld’s main fund is up about 1.0% YTD, and it remains the third best performing multi-strat firm over the past 30 years, trailing only Citadel and Millennium, which has reportedly returned 8.3 per cent so far this year.

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