Ex-Millennium Trader Quadruples Hedge Fund Assets to $1 Billion
- Sandbar’s new daily liquidity fund raises over $600 million
- The firm’s main strategy gained 7.5% last year, beating peers
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A hedge fund set up by a former Millennium Management investment manager has more than quadrupled its assets to $1 billion over the past year, defying an exodus of capital from the industry.
Michael Cowley’s Sandbar Asset Management, which started trading in August 2018, had about $230 million of assets a year ago, according to a spokesman for the London-based firm. The subsequent surge was boosted by the October launch of a retail-friendly fund that offers daily dealing, and whose assets have jumped to more than $600 million from $100 million. The rest of the firm’s assets are held in its main strategy.