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(Bloomberg) — Chaitanya Mehra, who runs a diversified commodities platform at Millennium Management, is spinning out with about $1.5 billion in backing from Izzy Englander’s hedge fund firm.
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Echion Capital, Mehra’s firm, will run Millennium’s money exclusively and may open to external capital from 2027, people familiar with the matter said, adding the time lines could change. His global multistrategy investment platform, based out of Miami and London, will focus on energy and commodities, the people added, asking not to be identified discussing private information.
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Mehra and a representative for Millennium declined to comment.
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New York-based Millennium, which manages $83.4 billion, has earned a reputation as one of the most prolific hirers of trading talent in the industry. It employs more than 330 investment teams globally, imposing tight risk limits to help churn out steady returns even as markets wobble.
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It is among an array of industry titans that have backed their own portfolio managers wishing to start their own outfits as well as external traders to help run soaring assets. Diego Megia’s Taula Capital Management raised $5 billion two years ago in one of the biggest ever hedge fund launches, with Millennium pitching in with $3 billion of that cash.
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Mehra, who graduated from Yale University, has worked at Millennium since 2018, according to his LinkedIn profile. Prior to that, he was at Och-Ziff Capital Management and Goldman Sachs Group Inc.
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Echion is building out a multistrategy investment firm and has hired and incubated traders within its teams at Millennium. The firm is expected to continue doing that as they spin out.
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—With assistance from Liza Tetley.
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English (US)