Jain Global equities head exits to launch hedge fund with potential Millennium backing

Townie Wells, the head of fundamental equities at Jain Global, has left his position to launch a long/short equity hedge fund, according to a Bloomberg report. The New York-based portfolio manager is in talks with Millennium Management about a potential multibillion-dollar capital allocation. Wells, once a successful trader at Citadel, was one of Jain Global's top-performing managers in 2025, contributing to the firm's $750m in trading profits.

His departure follows a difficult period for Jain Global's equities business, during which founder Bobby Jain stepped in to manage the strategy in Q2 2026. The firm later returned all external investor capital and began managing funds exclusively for Millennium starting in September. Wells had previously considered launching an independent hedge fund three years ago, also discussing a potential multibillion-dollar allocation with Millennium.

This decision reflects the increasing role of separately managed accounts (SMAs) in financing new hedge fund launches, with about half of hedge funds in 2025 receiving initial backing through SMAs, compared to 16% a decade ago. The trend is evident among high-profile managers establishing independent firms with significant institutional backing, such as Jeff Wang's $1bn technology hedge fund and Daniel Senft's $2.5bn NX1 Capital.

Despite these successes, fundraising conditions remain tough, with 3,200 hedge funds launching since 2020 and over 3,100 closing over the same period.