A major Wall Street hedge fund is making a dramatic business change, sources familiar with the situation revealed Monday.
Jain Global, the investment firm led by Bobby Jain, plans to give back all investor funds and will exclusively handle money for Millennium Management through a new partnership arrangement, according to people with knowledge of the deal.
Jain previously served as co-chief investment officer at Millennium before departing to establish his own firm, Jain Global, in 2024. His new venture attracted $5.3 billion in investor backing at launch.
However, performance numbers tell a challenging story. Jain Global delivered a 3.7% return in 2025, its first complete year of operations, following a modest 0.5% gain during its initial six months of trading in 2024, Business Insider reported.
Meanwhile, Millennium posted significantly stronger results with a 10.5% gain in 2025, according to earlier Reuters coverage.
Millennium Management, established in 1989 by billionaire Israel Englander, oversees more than $79 billion across various investment categories including stocks, bonds, and commodities.
This restructuring occurs as hedge funds navigate challenging market conditions sparked by increased volatility from the ongoing U.S.-Israeli conflict with Iran. Industry-wide, hedge funds experienced their steepest monthly losses in March since January 2022, multiple major Wall Street prime brokerages reported.
Both Jain Global and Millennium Management chose not to provide statements when contacted for comment.
