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(Bloomberg) -- Scott Balkan, the former head of credit at PointState Capital, and Janus Henderson portfolio manager Ben Wallace just joined a raft of external traders to get capital from Millennium Management as the multistrategy hedge fund giant looks to expand its talent pool.
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Balkan’s FourSixThree Capital will start running $1 billion for Millennium in a separately managed account within a couple of weeks, according to a person with knowledge of the matter. The new cash will double his credit long/short trading firm’s assets, the person said, asking not to be identified because the details are private.
London-based Wallace got about $1 billion in potential allocation from Millennium, and will run an equity long/short strategy for the New York-based hedge fund firm, people familiar with the matter said separately. He will continue to run his Janus Henderson fund.
Representatives for Millennium, FourSixThree and Janus Henderson Group Plc declined to comment.
The capital allocation is the latest example of Millennium’s efforts to grow its range of investment teams to better trade its roughly $76 billion of assets. The firm has ratcheted up efforts to attract the most sought-after talent and bring them into its orbit, aggressively poaching from rivals with hefty payouts and the promise of stable assets.
Earlier this year, it offered Magnetar Capital’s portfolio manager Chris Procaccini and his team $100 million in potential payouts to join Millennium. It also farmed out a combined $3.3 billion to Hong Kong-based Robert Tau and Daniel Engel-Hall, a former Marshall Wace money manager, Bloomberg News has reported.
Millennium employs more than 330 investment teams globally, imposing tight risk limits to help churn out steady returns even amid high market volatility. About a 10th of its trading groups are external, many running capital exclusively for the firm.
Co-founded by Balkan, New York-based FourSixThree started trading in 2021 with backing from Leucadia Asset Management. Balkan previously worked at Silver Point Capital before joining PointState. Prior to that, he ran investment-grade credit at Citigroup Inc. and worked at Archeus Capital Management.
Wallace has been a portfolio manager on the absolute return equities team at Janus Henderson since joining in 2011. He manages the firm’s £1.8 billion ($2.3 billion) Absolute Return Fund.