Townie Wells Leaves Jain Global to Launch Hedge Fund
Townie Wells has departed Jain Global to start a long/short equity hedge fund and is seeking a multibillion-dollar allocation from Millennium Management.
Former Jain Global head of fundamental equities Townie Wells has left the multistrategy investment firm to launch his own long/short equity hedge fund. Wells is currently negotiating a potential multibillion-dollar capital allocation with Millennium Management and plans to seek further funding from external investors.
Wells, a former Citadel trader, was among the most successful portfolio managers at Jain Global in 2025. His exit comes after a period of instability within the firm's equities business. This volatility prompted founder Bobby Jain to personally oversee the strategy in early 2026, and eventually led Jain Global to return all external investor capital in September to manage funds exclusively for Millennium.
The new venture utilizes a separately managed account structure. According to research from Goldman Sachs, this financing method has become a primary tool for the launch of new hedge funds.
