Jain Global’s Millennium Partnership Raises Questions over Staffing and Structure
Jain Global will return external investor capital and become a wholly owned unit of Millennium Management starting October 2026. The hedge fund currently employs about 427 staff, including roughly 240 investment professionals, with the rest in platform, technology, and support roles. While the firm will retain its independent investment process and culture, integration with Millennium’s extensive infrastructure is expected to trigger a review of overlapping non‑investment functions. The partnership could boost the combined assets under management beyond the current $6 bn, but the exact scale remains uncertain.
Elliott Builds Nippon Express Stake, Sending Shares to Record High
Activist hedge fund Elliott Investment Management disclosed a 5.04% stake in Nippon Express Holdings, sending the Japanese logistics company's shares up 18% in Tokyo, the biggest intraday gain on record. Elliott has a history of targeting Japanese firms with undervalued...
Voya Faces TOMS Capital Pressure to Explore Break-Up or Sale
Voya Financial, a $1 trillion pension and insurance platform, is under pressure from activist hedge fund Toms Capital to explore a sale or breakup. The activist’s focus is on Voya’s health‑insurance stop‑loss unit, which posted an operating loss of roughly $10 million...
Trading Academy Unveils Advanced Hedge Fund Training Programme
Trading Academy has launched an Advanced Hedge Fund Strategies and Tactics programme that immerses participants in the full investment lifecycle, from strategy development to risk management, under live market conditions. The curriculum blends theory—covering market microstructure and portfolio theory—with hands‑on...
Kirkoswald Introduces Extended Lock-Up Share Class
Kirkoswald Capital has launched a new share class featuring an extended lock-up period of 24 months, up from the standard 12-month term. The class requires a minimum investment of $1 million and offers a 0.5‑percentage‑point reduction in management fees. By tightening...
Exclusive: Inside Galaxy’s $100m Push Into Digital Assets and AI-Driven Equities
Galaxy Digital announced a new $100 million hedge fund led by Joe Armao that blends long‑short equity, late‑stage private investments, digital assets and capital‑structure plays. The fund leverages the firm’s $17 billion asset base and targets AI‑driven disruption, tokenisation and short opportunities...
FengHe Employs Unconventional Model to Outperform Markets
FengHe Fund Management, co‑founded by Matt Hu, has surged to nearly $9 bn in assets by March, more than doubling in the past 15 months, and is targeting $20 bn within two years. The Singapore‑based long‑short equity hedge fund uses a highly...
Hedge Funds Post First Quarterly Loss Since 2022 as Q1 Volatility Hits Returns
Global hedge funds recorded a weighted‑average loss of 1.4% in Q1 2026, ending a 13‑quarter streak of positive returns across roughly $1.3 trillion of assets administered by Citco. Event‑driven, multi‑strategy and equity‑focused strategies posted the steepest declines, while global macro, commodities...
Quant Veteran Cautions Against Full AI Control in Hedge Fund Trading
Martin Lueck, co‑founder of Aspect Capital, warned that giving hedge‑fund trading decisions entirely to AI threatens transparency and risk management. He insists on clear, testable hypotheses behind each position and refuses to allocate capital to opaque models. While AI and...
Man Group AUM Flat in Q1 as $6.1bn Client Redemption Weighs on Growth
Man Group reported flat assets under management in Q1 after a $6.1 billion client redemption, underscoring pressure on traditional hedge‑fund models. Meanwhile, digital‑assets funds attracted a net $1.4 billion of new capital, and commodity traders logged windfall gains as Iran‑related market turmoil...
Commodity Traders Post Windfall Gains Amid Iran Conflict-Driven Market Turmoil
Commodity trading houses are logging multi‑billion‑dollar gains as the Iran conflict fuels extreme volatility in oil, copper and gold markets. Vitol alone is estimated to have earned about $2 bn in the first quarter, while Trafigura, Gunvor and Mercuria report record‑level...
Exclusive: Fulcrum’s Asset Diversification From a Large Macro Fund to a Multi-Investment Platform.
After 21 years as CIO, Suhail Shaikh has steered Fulcrum Asset Management from a single‑strategy macro fund to a multi‑investment platform that spans commodities, market‑neutral equities, dispersion, quant and illiquid assets. The shift reflects a belief that relying on a...
Jain Global Expands London Quant Team
Jain Global announced a significant expansion of its London quantitative team, hiring five senior researchers, including a former Balyasny analyst to spearhead a new commodities quant desk. The London office now hosts 12 quant specialists, boosting its capacity to develop...
Hedge Funds Are Back in Favour. Getting an Allocation Is Another Matter
Hedge funds are regaining favor as volatility and market dispersion rise, but allocating to them now demands stricter criteria. UBP’s Kier Boley outlines a new allocation framework that separates passive beta, strategy alpha and unique alpha, insisting on differentiated returns....
Asia Hedge Funds Hit with Loses Prior to Ceasefire
Asian hedge funds recorded broad losses in March as the US‑Israel‑Iran conflict sparked sharp market swings. Macro‑focused funds such as Trivest Advisors’ China strategy fell over 10%, the steepest monthly drop on record, while equity‑oriented funds slipped mid‑single‑digit percentages. Despite...
Hedge Fund Hiring Wars Escalate as “Interception Trades” Drive Record Pay Packages
Hedge funds are intensifying talent wars by intercepting candidates who have already accepted rival offers, a practice dubbed “interception trades.” Compensation for star traders has surged, with some packages topping $100 million when guarantees and incentives are included. To curb poaching,...
Citadel HR Chief Exits
Citadel Securities' chief human‑resources officer, Karen Smith, announced her departure after six years, citing personal reasons. Smith oversaw a rapid expansion of the firm's talent pipeline, scaling the workforce from 1,200 to over 2,000 employees amid a competitive hiring market....
UK Eases Rules for Hedge Funds in Sweeping Overhaul of Short Selling Rules
The UK Financial Conduct Authority announced a sweeping overhaul of short‑selling rules, easing restrictions that previously limited hedge fund activities. The changes aim to boost market liquidity and reduce compliance costs, while Dubai simultaneously softened its regulatory burden to attract...
Bankinter Investment Launches Hedge Fund to Broaden Access to Diversified Alternative Assets
Spain’s Bankinter Investment has launched the Bankinter Investment Inversión Alternativa II, FIL, a hedge‑fund‑style vehicle that lowers the entry barrier to alternative assets to €10,000 (about $11,000). The closed‑ended fund will invest in a diversified mix of energy, infrastructure, real...
Hedge Funds Move Into Market for Trump-Era Tariff Refunds
Hedge funds in London, New York and other hubs are buying rights to potential U.S. tariff refunds after a Supreme Court ruling nullified Trump-era duties that generated roughly $166 billion in collections. Importers are selling their refund claims at a discount...
Energy Emerges as Hedge Fund Bright Spot Amid Global Equity Sell-Off Driven by Middle East Conflict
Global equity markets slipped in March as Middle East tensions sparked heightened volatility, but energy stocks emerged as a rare bright spot for hedge funds. Hazeltree data shows hedge funds boosted long exposure to the energy sector by 55% versus...
Two Sigma, DE Shaw Join Push-Back on SEC Plan to Loosen Quarterly Reporting
Two Sigma Investments and DE Shaw have joined a growing coalition of hedge funds opposing the SEC’s proposal to make quarterly earnings reporting optional for U.S. public companies. The firms argue that less frequent disclosures would erode market transparency, increase...
Concentration of Hedge Fund Financing Among Major Banks Raises Stability Concerns, S&P Warns
S&P Global warns that financing for hedge funds is becoming concentrated among four major banks—BNP Paribas, Barclays, Goldman Sachs and Morgan Stanley—whose market‑related revenues rose about 25% to over $24 billion, now roughly 30% of their income. Outstanding prime‑brokerage financing to...
Macro Hedge Funds in China Hit by Sharp Losses
Macro hedge funds operating in China posted sharp losses in March as geopolitical tension sparked volatile swings across equities, bonds, commodities and FX. Bridgewater's All Weather Plus systematic strategy slipped 5.6%, while Shanghai Longlife's Macro Hedging No1 fund plunged 25%....
Hedgeweek® in Conversation with Wellington Management
Hedge‑funds posted mixed performance in early 2024, with SS&C GlobeOp reporting a 2.3% loss in March but a 4.5% inflow rebound in April, adding roughly $12 billion of new capital. BlackRock urged investors to diversify allocations amid heightened volatility, while digital‑asset...
BlackRock Calls on Investors to Diversify Hedge Fund Allocations Amid Heightened Volatility
BlackRock’s Spring Hedge Fund Outlook urges investors to broaden exposure across a wider array of hedge‑fund strategies as macro uncertainty, AI‑driven market shifts, and geopolitical tensions heighten volatility. The firm warns that hidden correlations, leverage, and crowding in multi‑manager platforms...
Ackman Launches Roadshow for Dual IPO of Pershing Square Entities
Bill Ackman has kicked off a roadshow for a dual IPO that will list Pershing Square Capital Management and a new public fund, Pershing Square USA (PSUS), on the NYSE. PSUS aims to raise between $5 billion and $10 billion, with shares...
Alua Capital to Wind Down $2bn Hedge Fund After Underwhelming Returns
Alua Capital announced it will wind down its flagship hedge fund, which managed roughly $2 billion in assets. The fund’s performance lagged expectations, delivering sub‑2% annualized returns since its inception. Alua plans to liquidate positions and return cash to investors over...
Exclusive: The Ex-Rokos, Brevan Veteran Quietly Building a Commodities Fund in ‘One of the Most Interesting Markets in a Generation’
Luke Sadrian, former Rokos and Brevan Howard partner, launched the Fulcrum Commodities Fund in October 2025, quickly amassing $359 million in assets, including $250 million of external capital. The fund generated a 30.5% return from inception to March 2026, driven by a directional...
Wall Street Banks Set for $40bn Trading Windfall as Geopolitical Volatility Fuels Market Swings
Wall Street’s five biggest banks are on track to generate more than $40 bn in trading profit for Q1, the strongest collective performance since at least 2014. The surge is driven by heightened geopolitical tension in the Middle East and renewed...
S&P Dow Jones Launches New CDS Index Facilitating Bets Against Private Credit
S&P Dow Jones has launched a credit‑default‑swap (CDS) index that tracks a basket of private‑credit issuers, giving investors a standardized way to hedge or short exposure to the fast‑growing private debt market. The index, which aggregates roughly 30 mid‑market loan...
Surge in Rates Triggers Worst Month for Brazilian Hedge Funds Since 2020
Brazilian hedge funds posted their worst month since 2020, falling 3.4% in March as global rate hikes and soaring oil prices erased macro bets. The decline outpaced the 1.2% rise in the CDI benchmark, highlighting underperformance versus cash. Major managers...
Macro Hedge Funds Worst Hit in March Amid Middle East Turmoil
Macro hedge funds recorded their steepest March decline since the pandemic, slipping roughly 5.5% as the Israel‑Iran escalation drove oil to $100 per barrel and spooked equity markets. The turmoil forced a rapid unwind of short positions in U.S. stocks,...
Asset Managers Turn to Internal Data as AI Reshapes Alpha Generation
Major asset managers such as BlackRock and Balyasny are increasingly using artificial intelligence to mine their own internal data for investment signals, as the once‑valuable alternative data market becomes commoditized. Large language models now enable firms to process vast unstructured...
AI Shifts From Signal Generation to Capital Allocation in Hedge Funds
The hedge‑fund industry is moving from AI‑generated trade signals to AI‑driven capital allocation, treating portfolio construction as a learning problem. Alphacircle AI showcases this shift with a deep‑reinforcement‑learning system that posted a reported 36.2% return in 2025, a Sharpe ratio...
RG Niederhoffer Capital Management Posts 27.4% Q1 Gain Even as Volatility Rises
RG Niederhoffer Capital Management reported a 27.4% gain for the first quarter, outperforming most peers despite a surge in market volatility. The firm’s systematic, volatility‑scaled models generated strong returns while many hedge funds posted modest or negative results. The performance...
Alternative Views with Vincent Ijaouane
March’s heightened market volatility rattled many multi‑strategy hedge funds, delivering the sector’s heaviest monthly drawdown in over four years. Two Sigma bucked the trend, posting outperformance against peers while simultaneously confronting a governance shake‑up that led to the resignation of...
Two Sigma Outperforms Multi-Strat Peers Amid March Market Volatility
Two Sigma’s multi‑strategy funds delivered positive returns in March despite heightened market volatility, outpacing peer groups that posted double‑digit losses. The firm’s systematic, data‑driven approach insulated its portfolio from sharp equity and commodity swings. At the same time, Two Sigma’s...
Tiger Global, Viking, Maverick Hit by March Market Turmoil
Several high‑profile hedge funds, including Tiger Global, Viking and Maverick, suffered steep losses in March as market volatility surged. The turmoil triggered the sector’s heaviest monthly drawdown in over four years, echoing broader Q1 challenges for equity‑heavy strategies. While some...
Pershing Square Proposes UMG Acquisition via SPAC Deal
Bill Ackman's Pershing Square Capital Management has proposed acquiring Universal Music Group through a SPAC merger that would move UMG’s listing from Amsterdam to New York. The offer provides €5.05 in cash plus 0.77 new shares for each UMG share,...
Citadel’s Global Fixed Income Strategy Hit by March Market Turmoil
Citadel’s Global Fixed Income strategy posted a roughly 5% loss in March as bond markets roiled amid shifting Federal Reserve expectations. The turbulence contributed to hedge funds experiencing their heaviest monthly drawdown since 2020, with many flagship funds struggling through...
Big Name Hedge Funds Struggle in Choppy Q1 Markets
The first quarter of 2026 proved turbulent for leading hedge funds as geopolitical tensions and market volatility eroded returns. Balyasny Asset Management’s $33 billion portfolio slipped 4.3% in March, leaving it down 3.8% year‑to‑date, while ExodusPoint fell 4.5% in the same...
Jana Partners Takes 5% Stake in Alkami Technology
Jana Partners has acquired a 5% equity stake in Alkami Technology, a provider of cloud‑based digital banking platforms for community banks and credit unions. The activist firm plans to engage with Alkami’s board to accelerate growth and improve operational efficiency....
Sona Asset Management Strengthens Japan Focus
Asset manager Sona has hired two senior executives to deepen its Japan outreach, ahead of a new Tokyo office later this year. Suzutaro Kuroyanagi joins as Senior Manager of Japan Business Development and Investor Relations in Tokyo, bringing over three...
Significance Capital Launches with Focus on Market Inflexion Points
Hedge‑week’s latest roundup highlights a wave of strategic launches and restructurings across the alternative‑investment landscape. Significance Capital debuted with a focus on market inflection points, while Blackstone announced its first high‑net‑worth‑individual hedge fund. Established players such as Goldman Sachs warned...
Muzinich Strengthens Senior Leadership as It Expands Global Credit Platform
Muzinich & Co. announced senior leadership appointments, adding a chief risk officer and chief investment officer to steer its expanding global credit platform. The firm is broadening its footprint across Europe, Asia and Latin America, aiming to capture heightened demand...
The Evolution of Fund Governance to Meet Investor Expectations
Independent directors in hedge funds have shifted from mere compliance roles to strategic pillars of governance, reflecting heightened investor scrutiny after the 2008 crisis. Investors now demand evidence of active board oversight, including meeting frequency, valuation challenges, and conflict management....
Millennium Hires Former JPMorgan Credit Trader in London
Millennium Management has hired a former JPMorgan credit trader to join its London office, bolstering the firm’s credit trading desk. The move comes as Millennium expands its European footprint and seeks to deepen its credit research capabilities. The hire underscores...
Hedge Funds Position for Potential BOJ Hawkish Tilt Amid Iran War Inflation Risks
Hedge funds such as Fivestar Asset Management are reshaping their Japanese bond and currency positions ahead of the Bank of Japan’s policy meeting, expecting Governor Kazuo Ueda to hint at a hawkish stance due to inflation pressures from the Iran...
Hedge Funds Sell Financial Stocks Amid Market Uncertainty
Hedge funds have trimmed roughly $3 billion of exposure to financial‑sector equities amid heightened market uncertainty. Short positions on major banks rose about 15% in the past week, reflecting concerns over a potentially hawkish monetary policy stance and escalating geopolitical risks....