Ex-Goldman Trader Qin Gets $1 Billion Allocation From Millennium

Qin Xiao, the former co-head of Goldman Sachs Group Inc.’s global commodities trading team, has won an allocation from Millennium Management LLC for his hedge fund startup.

Singapore-based Nexus Commodities Capital Management Pte plans to start trading later this year with about $1 billion from Millennium and additional cash from other investors, according to people familiar with the matter. Qin will run a separately managed account for Millennium on a non-exclusive basis, the people said, asking not to be identified discussing private information.