Key Takeaways
- • Townie Wells, who headed fundamental equities trading at multistrategy firm Jain Global, departed last week to launch his own hedge fund, according to people with knowledge of the matter.
- • Wells is in talks for a multi-billion dollar allocation from Millennium Management for his fundamental long/short equity fund.
- • The new fund will also seek capital from other external investors, per the sources, who asked not to be identified because the details are private.
- • The departure and launch underscore continued talent movement among multistrategy platforms as senior portfolio managers spin out independent equity strategies.
Summary
Townie Wells, the New York-based stock picker who led fundamental equities trading at multistrategy investment firm Jain Global, has left the firm to start his own hedge fund, according to Bloomberg, which cited people with knowledge of the matter. Wells departed last week.
The new vehicle will be a fundamental long/short equity hedge fund. Bloomberg reports that Wells is in talks for a multi-billion dollar allocation from Millennium Management, one of the largest multistrategy platforms in the industry. The fund will also seek to raise capital from other external investors, the people said.
The sources asked not to be identified because the details are private, and the report does not disclose the fund's target size, launch timing, or specific terms of the proposed Millennium allocation. The move follows a familiar pattern in which senior equity portfolio leaders at multistrategy firms leave to form standalone funds backed by anchor allocations from larger platforms.
The new vehicle will be a fundamental long/short equity hedge fund. Bloomberg reports that Wells is in talks for a multi-billion dollar allocation from Millennium Management, one of the largest multistrategy platforms in the industry. The fund will also seek to raise capital from other external investors, the people said.
The sources asked not to be identified because the details are private, and the report does not disclose the fund's target size, launch timing, or specific terms of the proposed Millennium allocation. The move follows a familiar pattern in which senior equity portfolio leaders at multistrategy firms leave to form standalone funds backed by anchor allocations from larger platforms.
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