Millennium, Citadel Traders Seize the Chance to Go It Alone

With hedge fund titans Citadel and Millennium closed to outside cash amid a dearth of talent able to manage their money, some of the firms’ traders are seizing the chance to go it alone. Investors are piling in: Startups run by alumni have raised some $14 billion in cash this year—a record according to research firm PivotalPath.