Jain’s Millennium Homecoming Shows Multistrats Are Hard to Clone

Less than two years after launching his multistrategy hedge fund, industry veteran Bobby Jain has concluded that collaboration — not competition — is his best shot at survival in a world already owned by the likes of Millennium Management and Citadel.

Jain Global, which has about $6 billion under management, has struck a deal that will see the firm return all external cash and manage money exclusively for Millennium, the hedge fund giant run by billionaire Izzy Englander.

The proposed strategic partnership will give Millennium “exclusive access to the full investment capacity of Jain Global’s multistrategy business,” according to ...