The update, according to two people with knowledge of the talks, was that there is no update — at least about the much-ballyhooed tie-up between Schonfeld and its much larger rival, $60 billion Millennium Management.
Whether investors will pull a significant chunk of capital or stand by the firm won't crystallize until 5 p.m. Thursday.
Schonfeld, whose assets stood at $11.7 billion in October, has experienced two years of lackluster returns following a period of rapid expansion.
Schonfeld management was courting several institutional investors, and in early October, the Financial Times reported that Millennium threw its hat in the ring.
In the event of some form of tie-up with Millennium, there would be redundancies, especially in corporate and back-office roles.
Persons:
they'd, Ryan Tolkin, Andrew Fishman, Izzy Englander, execs, Schonfeld, Justin Gmelich, Goldman Sachs, Balyasny, Dmitry Balyasny —
Organizations:
Strategic, Millennium Management, Strategic Partners, Investor, Financial Times, Millennium, Seagram
Locations:
Schonfeld, —