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A top hedge fund manager who said he generated $7 billion in revenue is prepping his own fund launch
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A star hedge fund manager who told colleagues that he had generated $7 billion in revenue is preparing to set up his own fund.
Michael Gelband, who previously led the fixed income operation at $35 billion hedge fund Millennium Management, is laying the ground work to launch a fund with Hyung Soon Lee, Millennium's former equity chief, according to people familiar with the matter.
Bloomberg previously reported that Gelband might try and set up a fund with Lee, but those plans have since started to take shape.
The fund is in the early stages of planning and is expected to launch as early as the end of this year or early next year, one of the people said. The fund has already generated significant investor interest and is expected to be large, several people said.
Business Insider earlier reported that Peter Hornick, who had been global head of business development at Millennium, has left the firm. He is expected to join Gelband and Lee's new operation, according to people familiar with the matter.
In addition, several other Millennium staffers have recently left, according to people familiar with the matter. They include:
Patrick Tynan, business manager for equities management
Enrico Corsalini, business manager for fixed income
Mike Chu, fixed income technology
Steve Barbo, fixed income financing
Dev Joneja, the firm's head of risk, is currently still working at the firm and expected to leave in the coming months, the people said.
A spokesperson for Millennium declined to comment.
Gelband announced he would be leaving Millennium back in January. He told colleagues in an email at the time that the fixed income unit he headed had created $7 billion in trading revenue in his eight years at the firm, Bloomberg reported earlier this year. Lee left the firm last year.
Millennium is a multi-strategy hedge fund based in New York and was founded by Izzy Englander.
We have updated the story on Monday, April 10 to include the departures of Mike Chu and Steve Barbo.
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