Hedge fund Millennium ingested Jain Global's main marketing guy
Jain Global is now running money exclusively for Millennium, but Jain Global is still its own place. As its own place, it still has its own very talented "35-year-old killer" portfolio managers, it still has its own communications team and it's still out there hiring new equities portfolio managers. But it does not need anyone to raise external capital for a multistrategy hedge fund.
💥Follow us on WhatsApp for news alerts.💥
It is presumably with this in mind that Chris Mascarinas, Jain Global's managing director of marketing and investor relations, has appeared at Millennium in New York. There, Mascarinas has joined Millennium's capital development and investor relations team run by John Novogratz.
Novogratz has spent 17 years at Millennium. Msacarinas joined Jain Global in November 2023 and previously worked for six different funds, typically in investor relations roles. At least one member of his team has gone elsewhere: Emma Trenchard went to BDT & MSD Partners in September, for example.
Jain Global declined to comment.
Business Insider reported that Jain Global lost 0.2% in August, which was its last month managing money for outside investors. Business Insider also reported in May that Jain Global's back office staff had only been guaranteed compensation until December. It's not clear what happens next.
Writing in May, Business Insider also said that the future of Townie Wells, Jain Global's head of fundamental equities, was uncertain. However, Townie still appears to be there.
A handful of Jain Global portfolio managers have moved on. For example, Financial News reported that Nitin Dewan, the head of equity capital markets at Jain, joined Tudor as global head of ECM in September. Evan Fiedler, one of the earlier hires, appeared at DE Shaw in September. Sant Gupta quietly left for BlueCrest in Singapore in April.
Bloomberg reported last month that Jain Global has been marketing itself to talent as "a trading firm where portfolio managers collaborate with one another, whereas Millennium provides more independence and autonomy."
It's not clear whether portfolio managers at Jain Global will need to adhere to Millennium's strict approach to drawdowns, under which it's not uncommon for capital to be halved following a 5% loss and cut entirely following a loss of 7.5%. One source told us previously that Millennium often expects external funds it's invested in to adhere to these rules.
Follow me on X. Follow me on LinkedIn.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
