Multi-strategy major Millennium Management has provided $3bn to support the launch of Taula Capital, a new macro hedge fund, by former Millennium portfolio manager Diego Magia, according to a report by the Financial Times.

The report cites two people familiar with the fundraising effort as revealing that Taula Capital, which is expected to begin trading in the first half of the year, is targeting between $4bn and $5bn of investor capital, which would make it the largest launch in over a year.

Multi-strategey firm Freestone Grove Partners, led by former Citadel portfolio manager Todd Barker, launched with $3.5bn last week, while former Millennium co-chief investment officer Bobby Jain’s new fund Jain Global, which is predicted to be the biggest launch of the 2024,  is expected to debut in July.

Megia, spent five-years at Millennium before leaving to launch Taula, taking up to 30 investment staff with him, according to the FT's sources.

A former Millennium portfolio manager is preparing to launch what would be the biggest new hedge fund in more than a year after securing $3bn of capital from Izzy Englander’s firm and taking up to 30 investment staff with him.