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Hedge Funds Millennium, Point72 Discuss Bids for Quant Firm Engineers Gate

  • Blackstone has economic interest in the target business
  • Hedge fund legend Glenn Dubin founded Engineers Gate in 2014
Updated on

Millennium Management and Point72 Asset Management are separately in talks to buy quant hedge fund Engineers Gate, according to people with knowledge of the matter.

The two hedge funds are bidders to buy the firm in which Blackstone Inc. has an economic interest, the people said, asking not to be identified because the information is private. Engineers Gate, started in 2014 by former Highbridge Capital Management executive Glenn Dubin, managed about $1 billion as of February 2020. The fund rose about 5% in January after gaining roughly 25% last year and 11% in 2020, one of the people said.