By Nell Mackenzie
April 27 (Reuters) – Jain Global will return all cash to investors and manage money exclusively for Millennium Management under a new agreement, people familiar with the matter told Reuters on Monday, in a major pivot for the hedge fund run by Bobby Jain.
Jain, a former co-chief investment officer at Millennium, left the storied hedge fund and launched Jain Global in 2024 with $5.3 billion in investor commitments.
The fund returned 3.7% in 2025, its first full year of trading, after netting 0.5% in the six months of trading in 2024, according to a Business Insider report.
Millennium, on the other hand, gained 10.5% in 2025, according to a Reuters report earlier this year.
Founded in 1989 by billionaire Israel Englander, Millennium manages more than $79 billion across a range of asset classes including equities, fixed income and commodities.
The agreement comes as hedge funds grapple with heightened market volatility driven by the U.S.-Israeli war on Iran. Global hedge funds in March faced their worst monthly drawdown since January 2022, according to several top Wall Street prime brokerages.
Jain Global and Millennium declined to comment.
(Reporting by Utkarsh Shetti in Bengaluru and Nell Mackenzie in London; Editing by Sahal Muhammed)
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