Millennium and Schonfeld: brand vs. capital deployment is coming to a head

Talks between two of the world’s most prominent hedge funds recently made headlines as they sought to agree a multi-billion dollar tie-up. For Schonfeld, who were due to receive investment from Millennium, it was an opportunity to rebuild AUM. For Millennium it was an efficient means of deploying capital and leveraging the economies of scale that a strategic alignment with another fund offered. The deal did not materialize and Schonfeld cut 15% of its staff, but its implications reflect a significant moment in the evolution of the financial markets.
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