Bobby Jain's hedge fund will return external capital and exclusively manage for former employer Millennium.

Bobby Jain has reached an agreement with Millennium Management, whereby his namesake hedge fund will return all external capital and exclusively manage funds for his former boss Izzy Englander's hedge fund, Empire Management. An internal memo shows that the proposed transaction will allow Millennium to "exclusively access all investment capabilities of Jain Global's multi-strategy business." The memo states that Jain will continue to operate independently, with its own investment process, operating model, and team of talent. Jain told employees that scale is crucial in this industry.