Samuel Tisch, a grandson of the late billionaire Larry Tisch, has ended a ten-year stint at family friend Izzy Englander's Millennium Management, to set up his own hedge fund firm, according to a report by Bloomberg.

The 38-year-old has left his job as a stock-picking Portfolio Manager at $60.6bn multi-strat major Millennium to launch Twin Dovs Capital Management, which was registered as an exempt adviser last month.

The new firm manages about $80 million in internal capital through Twin Dovs Partners, a relative value equity fund.

In a telephone interview with Bloomberg Tisch said: “I had been at Millennium for a very long time. I was looking to start something of my own.”

The report cites an unnamed source familiar with the matter as revealing that despite the family and employment connections, Englander isn’t providing capital to Twin Dovs.