Millennium Management has withdrawn its $1bn allocation from Scopia Capital Management, just over a year after committing the capital to the equity long-short hedge fund, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The move follows a combination of personnel changes at Scopia and other investor redemptions.
Scopia, co-founded by Jeremy Mindich and Matt Sirovich in 2001, had around $1.2bn in assets prior to Millennium’s investment, which was managed through a separately managed account. The firm employs an equity long-short, market-neutral strategy.
Representatives for both Millennium and reportedly Scopia declined to comment.
