Inside hedge fund Jain Global: The big Bobby lovefest
Jain Global, the hedge fund founded last year by former Millennium chief investment officer Bobby Jain, is one year old. It's finally finding its feet, and insiders there only have fine things to say about their leader.
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Founded in July last year, with $5.3bn of investor commitments at launch, Jain Global had leveraged this up to $19bn of investments when it filed its recent ADV form in April. At that time, it employed 265 people in the US, of whom 139 were working on investment and advisory functions. It now employs 350 people globally, spread between New York, London, Hong Kong and Singapore.
Initially, returns at the fund lagged. Jain Global end 2024 very slightly up but lost 0.6% in July 2024 and 0.5% in August '24. It then lost 0.9% and 1% in February and March 2025. But through to June 2025, it was up 2.2%, putting it on par with performance at (much larger) Millennium. Bobby Jain can feel pretty good about things.
Insiders at Jain Global also feel pretty good about Bobby Jain. "Everything is going great," says one senior portfolio manager at the firm, speaking on condition of anonymity. "It's a fantastic firm and Bobby Jain is a great guy to work for. You can tell this from all the people who have stuck by him and worked with him for years. Loyalty goes a long way with him, and that's a good sign. He's building for the long term."
It's not just one senior PM. Speaking to Financial News, insiders declared Bobby to be "dynamic," "engaging" and to have a "macro view." One former Millennium colleague, informs us that Bobby is a "truly great and very capable guy."
These capabilities have helped Bobby Jain attract portfolio managers like Costas Constantinides from Millennium and Anthony Davis from Citadel, both of whom have joined Jain Global this year.
Jain Global naysayers point out that there have been exits too. Paul Jefferys joined from Citadel in November 2024 to manage the centre book, and then left again in June 2025 to work in AI. Lamine Ai-Said, a former Brevan Howard and Citadel portfolio manager, joined in August 2024 and left in February 2025. Gerin Tertilit, a macro portfolio manager in Singapore, left for Millennium after seven months. A team comprised of portfolio manager Josh Klaff, Jason Bernzweig, Ryan Febles, William Reid and Samantha Tsao left for Capstone after a similar period of time. Vikas Goyal, head of trading technology at the firm, left after a year and is now working for a family office in New York.
Critics suggest that Jain Global has over-hired and that it has too many PMs for its AUM. Headhunters claim there's grumbling and that some Jain people are open to moving on.
In Jain's defence, this may simply be par for the course in the hedge fund industry, which is not known for the longevity of its staff. When 350 people are hired in a short space of time, it's inevitable that some will leave. Jain's launched seven trading strategies - credit, fundamental equities commodities, equity arbitrage, rates and macro, systematic trading and "APAC" – since July has deployed its capital in tranches, the last of which is only being put to work this month. This might explain why profits to be shared between the portfolio managers at Jain Global UK Partnership were only £7m last year.
Jain Global declined to comment for this article, but Financial News says the fund is still hiring and plans to raise additional capital in 2026. Potential portfolio managers will need to slot into the strategies listed above. In London, they may want to contact Ashwin Kumar, head of the EMEA office, and a brief former head of rates trading at Bank of America in the distant past. In Asia, they may want to contact Sam Kellie Smith, who joined from Morgan Stanley. In the US, Bobby Jain himself may be the man. He's a friendly guy, but this may not mean he'll take the call...
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