Millennium Reclaims $1 Billion in Assets from Hedge Fund Manager Scopia

After more than a year of managing funds for the stock long-short hedge fund manager Scopia Capital Management, Millennium Management has redeemed its investment.

According to sources familiar with the matter, the New York-based Millennium has recovered approximately $1 billion of funds entrusted to Scopia by the end of 2024. One insider said that Millennium’s decision was influenced by other redemptions and personnel changes at Scopia.

Representatives from Millennium and Scopia declined to comment.

Previously, it was reported that before Millennium provided more capital to operate a separately managed account, Scopia, founded in 2001 by Jeremy Mindich and Matt Sirovich, managed about $1.2 billion. The firm employs equity long-short market-neutral strategies.

Large investments from multi-strategy hedge funds have become a major source of capital for smaller funds that typically focus on a single strategy. Industry giants allocate funds to dozens of external and internal traders to diversify their portfolios and leverage broader talent resources.

Millennium is one of the most active institutions in supporting former employees and external traders with its own capital. Among its more than 330 investment teams, about 10% are external, many of which manage funds for this $86.7 billion asset manager.