March 19, 2020 / 3:41 PM / 20 days ago

UPDATE 1-Englander's Millennium to shut some 'trading pods' as coronavirus bites - FT

(Adds background, layoffs)

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 led 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 spokesman Joe Snodgrass declined to comment.

Worries over the coronavirus pandemic led to a bloodbath on stock markets, with jitters spreading from stocks to the oil sector and to bonds.

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 losses came in after Millennium eked out gains of 0.38% last month and returns of 9.2% in 2019, according to data compiled by HSBC and seen by Reuters.

Millennium’s problems have also extended to Asia where lay-offs are expected imminently, the report added.

Reporting by Noor Zainab Hussain in Bengaluru; Additional reporting by Bharath Manjesh; Editing by Vinay Dwivedi and Sherry Jacob-Phillips

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