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Nishant Kumar reports that Khalid Malik’s stocks-focused hedge fund, which previously lost a $1.5 billion backing from Millennium over two years ago, has reset its business operations.
The fund has received a cash injection from Schonfeld Strategic Advisors, another multistrategy investment firm.
Schonfeld's investment comes as competition for separately managed account (SMA) strategies intensifies across the hedge fund sector. LMR recently formed a team to allocate capital externally, reflecting this growing focus on SMA business, according to a report by Nishant Kumar. Millennium, which once backed Malik's fund, has also supported new quantitative hedge fund ventures, including a firm led by former Citadel researcher Paul Dou.