Jain Global, the multi-strategy hedge fund firm launched earlier this year by former Millennium Management Co-Chief Investment Officer Bobby Jain, has hired Vik Shah, a bank-credit trader from JPMorgan Chase, as a portfolio manager, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Shah, who holds the position of Co-Head of European Financials Credit Trading at JPMorgan, will leave the bank in the coming weeks and is to take up his new role at the hedge fund later this year.

Jain Global, which launched on 1 July with $5.3bn in commitments having originally targeted between $8bn and $10bn, lost a combined 1.2% in it first two months of trading.