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Jain Global Returns Cash, Takes Exclusive Millennium Mandate

4/28/2026

Summary

Jain Global Returns

Jain Global will return all external cash and manage assets exclusively for Millennium Management.
Bobby Jain founded the fund in 2024 with $5.3 billion, which posted a 0.5 % gain in six months and a 3.7 % return in 2025.
Millennium Management, overseeing $79 billion, reported a 10.5 % gain in 2025 while hedge funds confront heightened volatility from the U.S.–Israeli war on Iran, which caused the worst monthly drawdown since January 2022 in March.

Summary

Jain Global Expands

GIC redeemed $250 million from Jain Global earlier this year, pressuring its capital base.
Jain Global will add 15 portfolio managers by year-end under its Millennium partnership.
The firm employs about 427 staff, 240 in investment-advisory roles, and has promised to retain all positions.
Observers note the deal signals a shift toward large multi-manager platforms as capital and infrastructure hubs for top talent.

History

Historical Context

After the 2008 crisis—highlighted by Lehman Brothers’ September bankruptcy and the $4.1 trillion debt of the top five U.S. investment banks—Goldman Sachs and Morgan Stanley converted to commercial banks, gaining tighter regulation. Their shift spurred the creation of large hedge-fund platforms that now attract billions, pressuring smaller managers to consolidate in the industry.

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Jain Global Returns

Jain Global will return all external cash and manage assets exclusively for Millennium Management.
Bobby Jain founded the fund in 2024 with $5.3 billion, which posted a 0.5 % gain in six months and a 3.7 % return in 2025.
Millennium Management, overseeing $79 billion, reported a 10.5 % gain in 2025 while hedge funds confront heightened volatility from the U.S.–Israeli war on Iran, which caused the worst monthly drawdown since January 2022 in March.

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