Schonfeld Sues Millennium’s Grunfeld Over Alleged ‘Gazumping’

Schonfeld Strategic Advisors sued Millennium Management portfolio manager Adam Grunfeld for allegedly reneging on a deal to jump ship, claiming he owes $11 million for failing to live up to the agreement.

The suit filed late Tuesday in New York state court doesn’t use the word, but it describes a “gazumping” — a term gaining currency amid the hedge fund talent wars for when a sought-after recruit is intercepted, sometimes by their current employer, before starting at a new fund.

Schonfeld said it was introduced to Grunfeld by a headhunter in January and engaged in months of confidential negotiations with ...