Former Millennium Management executive Bobby Jain is assembling a team as he seeks to launch the largest-ever hedge fund.
(Bloomberg) — Former Millennium Management executive Bobby Jain is assembling a team as he seeks to launch the largest-ever hedge fund.
The former co-chief investment officer hired Elliott Management veteran Jaime Hobbeheydar to run investor relations and marketing at Jain Global, the multistrategy, multimanager firm he’s launching next year, according to people familiar with the matter.
Hobbeheydar, 53, recently left Elliott after leading investor relations there for 14 years.
Hobbeheydar and a spokesperson for Jain declined to comment.
Jain, 52, told people he aims to engineer the biggest-ever hedge fund launch, surpassing Michael Gelband’s ExodusPoint Capital Management.
Gelband, another Millennium alumnus, opened shop in 2018 with $8 billion, a record at the time.
In a letter to investors early this year, Elliott, which manages $55 billion, said that Hobbeheydar joined when it oversaw just $15 billion.
He went on to build “a team that raised billions of dollars – the vast majority from new, institutional investors,” making Paul Singer’s firm more stable and diversified, the letter added.
Read More: Billion-Dollar Hedge Fund Startups Rise to Pre-Pandemic Levels
Hobbeheydar will oversee Daniel Bergelson, who will join from Jain’s family office and previously worked on the strategic consulting team at Barclays Plc.
Jain also selected Bank of America Corp. executive Jonathan Barton to be chief operating officer.
Jain officially left Millennium on June 30, after a seven-year stint in which the firm’s assets almost doubled to $59 billion.
Under an agreement with the firm, he’s barred from collecting capital for his new fund until July 2024. Meanwhile, Jain may hire talent and procure real estate for the firm, which will be based in New York.
He joined Millennium after two decades at Credit Suisse Group AG, where he held many roles including global head of asset management.
He founded the Jain Family Institute, a research organization that focuses on social issues such as universal basic income and digital ethics.
–With assistance from Erik Schatzker and Katherine Burton.
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