(Bloomberg) -- Coatue Management alumnus Aaron Weiner is set to launch his own hedge fund with $3 billion from Millennium Management, according to people familiar with the matter.
Weiner, 32, who left Coatue last year, will be the sole portfolio manager of Atlantic Wolf Capital, a long-short equity shop that will focus on health care. A Millennium spokesperson declined to comment, and Weiner didn’t reply to a message seeking comment.
He’ll initially manage money exclusively for Izzy Englander’s Millennium, said the people, who asked not to be identified discussing confidential details. Atlantic Wolf will start trading during the current quarter and expects to have more than 10 employees by year-end.
Millennium, which manages $72.3 billion and recently raised $10 billion that will be drawn down over time, has been adding external traders to augment the more than 330 teams it has in-house as its assets have grown.
Others are following this path, too. The 53 multimanager firms tracked by Goldman Sachs Group Inc. now have more than 100 allocations to external managers, the Wall Street bank said in a September report.
Weiner, who joined Coatue in 2021, was head of health-care investing at the firm and one of its four partners trading public equities. He also ran a $3 billion tactical-solutions fund that helped closely held companies avoid raising money at lower valuations.
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