Coatue’s Weiner Gets Billions From Millennium for Hedge Fund

(Bloomberg) -- Coatue Management’s Aaron Weiner, who’s leaving the investment firm, is preparing to start his own hedge fund with backing from Izzy Englander’s Millennium Management.

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Weiner will get multiple billions of dollars to start trading for his hedge fund, according to people with knowledge of the matter. He will initially trade exclusively for Millennium, which oversees about $68 billion, the people said, asking not to be identified because the details are private.

A representative for Millennium declined to comment. Weiner didn’t reply to a request for comment.

The arrangement marks a growing trend among multistrategy hedge funds that are striking a string of such deals with internal as well as external traders to quickly expand the range of talent they can tap to deploy their soaring assets.

Millennium, which has more than 330 teams of traders, remains one of the most prolific backers. Such arrangements make up about a 10th of Millennium’s teams of traders, and many of the outside groups manage money exclusively for the firm, Bloomberg has reported previously.

Englander’s firm has given several billion dollars to external managers such as Delta Global Management and Lorenzo Rossi’s Kedalion Capital Management to manage. One of its most recent deals was with Diego Megia, who started trading for his Taula Capital Management with $5 billion, including $3 billion from Millennium.

Others such as Point72 Asset Management, BlueCrest Capital Management, Balyasny Asset Management and Schonfeld Strategic Advisors have also given money to external teams through so-called managed accounts that still give them control.

Weiner, who was a managing director and head of health care and tactical solutions at Coatue, joined the firm in 2021 after stints at Blackstone Inc. and Goldman Sachs Group Inc. At Coatue, Weiner worked on investments in companies including Reify Health, Infinitus Systems, Cadence Solutions Inc., DNA Script and Entos Inc.

--With assistance from Gillian Tan.

(Updates with Weiner’s title at Coatue in last paragraph.)

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