Key Takeaways
- • Townie Wells has left Jain Global, where he led fundamental equities trading at the multistrategy manager, to launch an independent hedge fund, according to a Bloomberg report cited by Traders Union.
- • Wells is in discussions with Millennium Management over a multi-billion dollar allocation to the new fund, which would give it significant scale at launch.
- • The planned fund will run a fundamental long/short equity strategy and intends to raise capital from external investors beyond Millennium.
- • The move underscores ongoing competition among New York hedge funds for experienced portfolio managers and large-scale capital commitments.
Summary
Townie Wells has exited Jain Global to start an independent investment firm, a move first reported by Bloomberg. Wells, who led fundamental equities trading at the multistrategy manager, left the firm last week, according to the report. Per people familiar with the matter, the planned firm will employ a fundamental long/short equity strategy.
Wells is in talks with Millennium Management regarding a potential multi-billion dollar allocation to the new fund. Such a commitment would provide the fund with substantial scale from launch and could help it attract further backing from institutional investors. The fund also intends to seek capital from other external investors, though the details of those discussions remain private.
The departure adds to a series of senior moves in New York's hedge fund industry, where competition for experienced portfolio managers and large capital commitments remains intense. No figures on the size of the target fundraise or the final terms of any Millennium allocation have been disclosed.
Wells is in talks with Millennium Management regarding a potential multi-billion dollar allocation to the new fund. Such a commitment would provide the fund with substantial scale from launch and could help it attract further backing from institutional investors. The fund also intends to seek capital from other external investors, though the details of those discussions remain private.
The departure adds to a series of senior moves in New York's hedge fund industry, where competition for experienced portfolio managers and large capital commitments remains intense. No figures on the size of the target fundraise or the final terms of any Millennium allocation have been disclosed.
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