Millennium Management, the multi-strategy major founded by Izzy Englander, has pulled cash from Meridiem Capital Partners, three years after backing the stock-focused hedge fund to the tune of $1.5bn, according to a report by Bloomberg.

The report cites unnamed people with knowledge of the matter as confirming that Millennium withdrew the cash when a lockup period came to an end.

According to one of Bloomberg's sources, Meridiem, which was founded by Khalid Malik, a former Portfolio Manager at Citadel who also previously worked for Steve Cohen at SAC Capital Advisors, will continue to operate and is now seeking other sources of capital.

Meridiem is one of several external operations Millennium has given cash to, alongside its over 320 internal trading teams, which manage some $61bn in assets. External arrangements, meanwhile, account for less than 10% of Millennium's investments, with some of the businesses managing money exclusively on behalf of Millennium.