March 19 (Reuters) - Millennium Management has closed many of its "pods" run by teams of traders, as violent market swings caused by jitters over the economic fallout of the coronavirus leads to losses, the Financial Times reported here citing two sources.
Millennium, one of the industry’s biggest hedge funds, has closed “trading pods” in double-digit numbers, the report said, adding that job cuts at the firm that runs between 150 and 200 pods are expected.
Millennium, which has $40 billion in assets under management and is led by billionaire Israel Englander, lost 2.7% in the first 12 days of March, two sources with knowledge of the matter told Reuters on Wednesday.
The company did not immediately respond to a request for comment. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Vinay Dwivedi)