(Bloomberg) -- Val Zlatev’s Analog Century Management has won backing from Izzy Englander’s Millennium Management, joining a string of external investment firms to get capital from the multistrategy hedge fund titan.
Millennium has given Analog, the New York-based technology-focused hedge fund, about $1 billion to manage on its behalf, according to people with knowledge of the matter. Zlatev will run the cash in a separately managed account and will also oversee capital for other clients, the people said, asking not to be identified because the information is private.
Zlatev and a representative for Millennium declined to comment.
Analog is the latest in a growing list of external money managers landing cash from multistrats such as Millennium, which are flush with capital and are seeking to farm out some of their money to outside talent. Analog manages about $1.35 billion of assets.
Roughly a 10th of Millennium’s 330 teams are external, many exclusively running capital for the $68.2 billion firm. Millennium recently gave $3 billion to Diego Megia’s Taula Capital Management that started trading earlier this year. It’s also set to back a new firm launched by Coatue Management’s Aaron Weiner with billions of dollars, Bloomberg has reported.
Before founding Analog in 2018, Zlatev was a partner at Quentec Asset Management, which specializes in the technology, media and telecommunications sector, and a senior analyst at Kingdon Capital.
Zlatev’s Analog Century Master Fund has mostly produced double-digit gains every year since starting in August 2018. He’ll run a separate market-neutral equities strategy focused on tech for Millennium, one of the people said.
(Updates with fund returns in last paragraph.)
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