Millennium Backs Two External Hedge Funds With $4.2 Billion

Multistrategy hedge fund giant Millennium Management is backing two more external investment firms with a combined $4.2 billion, adding to a growing roster of trading firms it gives money to manage.

Ravi Naresh, who previously managed money for Marshall Wace, will receive about $3 billion from Millennium for his equity long/short strategy, according to people with knowledge of the matter. Millennium is also handing about $1.2 billion to Thomas Wong’s hedge fund firm Optimas Capital Management, the people said asking not to be identified because the details are private.