Jain Global will return all investor cash and, going forward, manage money exclusively for Millennium Management under a new agreement, people familiar with the matter told Reuters.
The shift marks a sharp change for the hedge fund led by Bobby Jain, a former co-chief investment officer at Millennium.
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Jain left Millennium and launched Jain Global in 2024, backed by $5.3bn in investor commitments.
In terms of results, Jain Global gained 0.5% over six months of trading in 2024, Business Insider reported. It returned 3.7% in 2025, its first full year.
Millennium, meanwhile, rose 10.5% in 2025, according to a Reuters report earlier this year.
Founded in 1989 by billionaire Israel Englander, Millennium manages more than $79bn across equities, fixed income and commodities.
The agreement comes as hedge funds deal with greater market volatility tied to the US-Israeli war on Iran.
Several top Wall Street prime brokerages said global hedge funds in March recorded their worst monthly drawdown since January 2022.
Jain Global and Millennium declined Reuters’ request for comment.
Recently, Apoorva Mehta, who co-founded Instacart, has set up a hedge fund designed to run much of its investing through AI rather than traditional portfolio managers.
The firm, Abundance, is based in Palo Alto, California. It was started last year.
Abundance has a small team of quantitative researchers, engineers and AI specialists focused on building and maintaining its models.
Mehta told Bloomberg that the fund deploys thousands of automated agents. These systems trawl information sources, propose trade ideas, carry out research, choose positions, set position sizes and place trades.
