Millennium Backs Hedge Fund Sone in Boost to External Traders.

Millennium Management, a multistrategy investment firm, is supporting a new hedge fund called Sone Capital Management, founded by former Echo Street Capital Management portfolio manager George Panos. Sone is expected to begin trading next month with over $500 million, with the majority of the capital coming from Millennium. This move is part of a growing trend among multistrategy hedge funds to seek external talent to manage their increasing assets. Millennium has previously backed other external trading groups and recently provided billions of dollars to Coatue Management's Aaron Weiner to start his own hedge fund. [Extracted from the article]