Millennium’s East53 Capital Closing After Twitter, Citrix Bets
- East53 said to breach risk limits as Shah is set to depart
- East53 had ability to take up to $3 billion in gross exposure
This article is for subscribers only.
A trading team at Izzy Englander’s mega hedge fund Millennium Management is shuttering after bets on mergers and acquisitions involving companies such as Twitter Inc. performed poorly.
East53 Capital, which makes merger arbitrage-focused investments, is closing up shop and its senior portfolio manager Maulin Shah is departing, according to people familiar with the matter, who requested anonymity as the information is private. The unit is one of more than 270 investing pods at Millennium, which uses individual teams to wager across asset classes independently.