Millennium Capital Management has acquired the assets of Castlegrove Capital, a London multistrategy hedge fund manager active in global equity markets.

Millennium Capital Management has acquired the assets of Castlegrove Capital, a London multistrategy hedge fund manager active in global equity markets. The terms of the transaction have not been revealed.

A number of portfolio managers and other employees currently at Castlegrove will become part of the Millennium Group, joining Catapult Capital Partners, a Millennium Group affiliate, in London.

'With this acquisition, we obtain a broader base in Europe and continue to participate actively in the consolidation of the hedge fund industry,' says Millennium chairman Israel Englander. 'We believe we offer an attractive platform to talented portfolio managers who want to be freed of the administrative, legal, compliance and fundraising burdens that attend the business of managing a hedge fund.

'With us, investment professionals can concentrate all of their energies on what they do best - managing portfolios - while we provide the trading, operational, technological and risk management support that have become so critical to this industry.'

The Millennium Group has approximately USD13bn in assets under management and is based in New York with offices in London, Beijing, Paris, Luxembourg, Singapore, Dallas, Texas and Greenwich, Connecticut.