Taula Capital, the new hedge fund firm founded by former Millennium Management senior trader Diego Megia, has closed to new money on its first day of trading after launching with $5bn in AUM, according to a report by Bloomberg.

The report cites an unnamed source with knowledge of the matter in revealing that as much as $3bn of the launch capital was raised from Millennium, with the remainder coming from asset managers, pension plans and sovereign wealth funds.

Taula, the largest debut since another Millennium alumnus, Michael Gelband, launched ExodusPoint Capital Management with $8bn in 2018, joins a select group of hedge fund firms to manage multi-billion dollar launches, with many investors favouring large established multi-strategy managers.

Bobby Jain, another former Millennium man, is set to launch his new firm Jain Global in July with a similar amount of cash as Taula.