Millennium Shuts Down Pioneering Quant Hedge Fund
- Prediction Company had only one down year since inception
- Physicists Farmer and Packard founded the quant firm in 1991
Photographer: John Taggart/Bloomberg
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Millennium Management has shut down a quant hedge fund founded by two acclaimed physicists that suffered only one losing year since it began trading in the early 1990s.
The closing of Prediction Company, which Millennium bought in 2013, came as a surprise to employees because the firm was profitable, according to a person familiar with the matter. The hedge fund was started by Doyne Farmer and Norm Packard, who are known for their seminal work in developing chaos theory, and managed about $4 billion at its peak.