Blackstone to Back Ex-Millennium Asia Co-CEO’s New Hedge Fund

Blackstone Inc. has agreed to back a new Asia-focused hedge fund headed by a former executive at Millennium Management, in one of the region’s biggest launches this year, according to people with knowledge of the matter.

Jonathan Xiong’s Arrowpoint Investment Partners is also in talks with other institutional investors as potential early backers, said the people, who asked not to be identified discussing private information. It’s expected to start with about $1 billion, the people added.

Arrowpoint will have offices in Singapore and Hong Kong. The multi-strategy fund is expected to start trading in the third quarter across equity, ...