Millennium Management has redeemed its investment from Scopia Capital Management just over a year after backing the equity long-short hedge fund manager.
New York-based Millennium has pulled about $1 billion that it gave Scopia to manage in late 2024, according to people with knowledge of the matter. The hedge fund's decision was triggered by other redemptions as well as personnel changes at Scopia, one of the people said, asking not to be identified as the information is private.
Representatives for Millennium and Scopia declined to comment.
Co-founded by Jeremy Mindich and Matt Sirovich in 2001, Scopia had about $1.2 billion in assets before Millennium gave it more capital to run in a separately managed account, Bloomberg has reported. The firm follows an equity long-short market neutral strategy.
Large investments from multistrategy hedge funds have become a major source of capital for smaller managers that typically specialize in a single strategy. The industry's giants are forking out cash to dozens of external and internal traders as a way to diversify and tap a bigger pool of talent.
Millennium is one of the most prolific in backing former employees and outsiders with its cash. About 10% of its more than 330 investment teams are external, many exclusively running capital for the $86.7 billion firm.
A Greek shipowner sent a second oil tanker through the Strait of Hormuz, bucking caution among the shipping industry as Iran lashes out across the region in response to attacks by Israel and the US.
The Smyrni, run by Athens-based Dynacom Tankers Management Ltd., signaled its location off Mumbai on Saturday morning, digital vessel-tracking data compiled by Bloomberg show. The vessel's previous signal was inside the Persian Gulf on Tuesday, meaning it likely turned off its transponder during transit.
Traders are watching Hormuz activity closely because the world's most-important oil-shipping channel has been effectively shut to most traffic since just after the war began on Feb. 28. That's choked off Middle East oil exports, causing storage tanks to fill and forcing producers to curtail output.
Dynacom declined to comment.
The firm also sent an oil tanker -- the Shenlong -- through the narrow waterway earlier this month.
Iran has struck multiple ships, including some that were going through Hormuz, as well as energy infrastructure in neighboring countries since the war started. Apart from the Smyrni and just a handful of other tankers, traffic via the strait remains largely halted.