Townie Wells leaves Jain Global to launch hedge fund, holds Millennium allocation talks
New York hedge fund talent continues to reshuffle as Townie Wells exits Jain Global to start an independent investment firm. Wells, who led fundamental equities trading at the multistrategy manager, is discussing a multi-billion dollar allocation from Millennium Management while planning to raise additional outside capital.
Highlights
- Wells left Jain Global last week and is in discussions with Millennium Management regarding a potential multi-billion dollar allocation for his new hedge fund.
- The planned fund will employ a fundamental long/short equity strategy and intends to raise capital from additional external investors beyond Millennium.
- Wells' move highlights ongoing competition among New York hedge funds for experienced portfolio managers and large-scale capital commitments.
Fund launch plans and investor discussions
As first reported by Bloomberg, Wells left Jain Global last week and is in talks with Millennium Management over a multi-billion dollar allocation for his new hedge fund.People with knowledge of the matter say the planned firm will run a fundamental long/short equity strategy. The fund also intends to seek money from other external investors, although the details remain private.
Implications for the hedge fund sector
Wells' departure marks another senior move in the competitive market for portfolio managers and capital in New York's hedge fund industry.A potential commitment from Millennium would give the new fund significant scale at launch and could help it attract additional backing from institutional investors as competition for experienced stock pickers remains intense.
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