Jain Global to Return External Capital and Manage Exclusively for Millennium Starting in Third Quarter

Jain Global will return external capital and manage money exclusively for Millennium beginning in the third quarter under a deal announced in April. The agreement prevents Jain Global from raising new outside money for its flagship multistrategy fund. Millennium negotiated the arrangement primarily through its president, Ajay Nagpal.

The firm's fundamental equities division, led by Townie Wells, is under review while other investment teams and back-office staff continue operations. Back-office employees have been told their compensation is guaranteed through the end of 2026. The unit has lost at least four portfolio managers this year.

Former Citadel portfolio manager Michael Scheer is joining Walleye, former Millennium portfolio manager Costas Constantinides has left, former D1 investor Evan Fiedler has departed, and Niels Heilmann, who previously traded for Millennium portfolio company Elion Investments, has also exited.

Wells' future role remains undecided. The firm is evaluating the group as it prepares for the next stage of operations.

Head of linear equities risk Adam Wangner, who had planned to leave, is now staying after the Millennium deal was announced. Jain Global still intends to add 15 portfolio managers this year. The firm has already hired quant trader Yaming He from Two Sigma and Singapore-based stockpicker Alexander Han from Point72 in 2026.

Jain Global operates six offices and employs more than 400 people, half of whom are investment professionals. It was managing roughly $6 billion from external investors including the Abu Dhabi Investment Authority and wealth platforms at Goldman Sachs and UBS before the deal.