Key Takeaways
- • Millennium Management is pulling cash it had allocated to Engineers Gate to trade on its behalf, after the two hedge funds agreed to dissolve their separately managed account, according to people with knowledge of the matter.
- • Engineers Gate will stop managing money for Millennium by the end of March 2026, ending a partnership that had lasted more than three years.
- • The mutual agreement was reached without a reported dispute, and the people who spoke to Bloomberg asked not to be identified because the details are private.
Summary
Millennium Management is in the process of withdrawing cash it had given to Engineers Gate to trade on its behalf, after the two hedge funds agreed to end their partnership of more than three years, according to Bloomberg. The arrangement was structured as a separately managed account.
Engineers Gate will stop managing money for Millennium by the end of this month, according to people with knowledge of the matter cited by Bloomberg. The firms have mutually agreed to dissolve the account, the people said, though they did not disclose the details of the arrangement, citing confidentiality.
The source reporting does not specify the size of the allocation, the reasons for the separation, or any performance figures for the account. Readers tracking allocator-manager relationships should note the wind-down as a reduction in Engineers Gate's external capital base from Millennium's platform.
Engineers Gate will stop managing money for Millennium by the end of this month, according to people with knowledge of the matter cited by Bloomberg. The firms have mutually agreed to dissolve the account, the people said, though they did not disclose the details of the arrangement, citing confidentiality.
The source reporting does not specify the size of the allocation, the reasons for the separation, or any performance figures for the account. Readers tracking allocator-manager relationships should note the wind-down as a reduction in Engineers Gate's external capital base from Millennium's platform.
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