Liza Tetley

Millennium Management is preparing to raise billions of dollars in new cash to tap into investors’ demand for multistrategy hedge funds.

(Bloomberg) -- Equities and event-driven strategies led hedge-fund gains in the first half of the year, after a brutal first quarter gave way to a broad recovery in recent months.

The brutal March that battered some of the world’s biggest hedge funds is already fading into the background as the firms reported their strongest first-half results in five years.

(Bloomberg) -- The brutal March that battered some of the world's biggest hedge funds is already fading into the background as the firms reported their strongest first-half results in five years.

Asfandyar Nadeem’s hedge fund has received about $1 billion in new capital from an Abu Dhabi investor, amid a surge in appetite for macro strategies and as the Gulf city accelerates its drive to become a key backer of the industry.

Giant managers are sourcing trade ideas from smaller rivals to aid a multibillion-dollar profit machine.

Farzad Kassam, a senior macro portfolio manager at Millennium Management, is preparing to start his own outfit with backing from Izzy Englander’s multistrategy firm.

Multistrategy giants Balyasny Asset Management and Verition Fund Management lost money last month as a selloff in artificial intelligence stocks roiled markets and many hedge funds.

Schonfeld Strategic Advisors has hired Lorenzo Longo to join its rank of portfolio managers, according to people familiar with the matter.

Rokos Capital Management and Brevan Howard Asset Management joined peers that lost money in July as hedge funds faced a volatile market following a widespread selloff and sudden recovery in artificial intelligence stocks.