Albar to run Millennium money after returning outside cash

Albar Capital Partners is set to return external cash to investors while continuing to manage its London-based market-neutral equities strategy for Millennium, according to a Bloomberg report. The arrangement involves Albar returning money to its outside clients before operating independently with funding from Millennium. The firm, which manages around $1.5 billion, operates a market-neutral long-short equity strategy focusing on European stocks, with smaller allocations to US and Asian markets.

Albar has been trading since July 2018 and has generated positive returns in every full year since its launch, except for the 2018 partial trading period. The deal highlights Millennium's strategy of backing successful portfolio managers with external capital before integrating those relationships into its own capital base. Millennium, led by Izzy Englander, has been known to provide significant autonomy to managers and recently invested in outside hedge funds while exploring other arrangements to replace third-party capital with Millennium money.