| Israel Englander, Millennium Management (Bloomberg) |
The new quant fund planned by Israel (Izzy) Englander’s New York–based Millennium Management and Old Greenwich, Connecticut–based WorldQuant is apparently on hold.
The computer-driven equity long-short fund was tentatively scheduled to be launched in the third quarter of this year, as we reported in April. At this point the two firms are not proceeding with anything specific regarding the product, however, according to a person with knowledge of the situation.
Millennium and WorldQuant — a spin-off led by former Millennium statistical arbitrage chief Igor Tulchinsky — are said to be exploring a different type of quantitative strategy. The joint venture is still very much alive, however, according to the source.
Millennium is a multistrategy hedge fund firm that currently manages $31.9 billion, according to its website. This is up nearly 25 percent from $25.6 billion at the beginning of the year and from $21 billion at the beginning of 2014.
The firm deploys about 170 manager teams, which operate independently, managing positions with strict oversight by a group including Englander that oversees risk management and allocates capital.
Millennium’s funds were flat in August but returned 9.65 percent for the year to date through August.
Tulchinsky ran a strategy for Millennium for 20 years. From 1995 through 2006, he served as a managing director at Millennium, where he built a statistical arbitrage group. WorldQuant spun off from Millennium in 2007 and continued to manage capital exclusively for Millennium.
