A new hedge fund to be launched next year by DE Shaw and Point72 Asset Management alumni has secured multi-billion dollar backing from Millennium Management, according to a report by Bloomberg. 

The report quotes unnamed sources as revealing that the as-yet unnamed firm is being set up by Andrew Komery, who was a managing director in DE Shaw’s fundamental equities group until early this year, and Alex Chacon, who most recently served as an analyst at Steve Cohen’s Point72.

As well as running its own hedge fund business, Millennium also sometimes invests alongside traders running or setting up independent firms, often stipulating restrictions on the amount of capital that can be raised from third-parties as part of the agreement.

Millennium, whose flagship fund is up 9.7% to the end of September, now has assets of $58 billion.