In March 2020 Schonfeld Strategic Advisors was rocked by the market turmoil unleashed by the pandemic.
The New York-based firm’s flagship hedge fund was down about 16 per cent and its prime brokers were asking it to put up more collateral, according to three people with direct knowledge of the matter.
Needing to provide cash in response to a routine margin call as markets moved against it, Schonfeld considered its options. It had previously held informal discussions with Millennium Management about a potential tie-up, and one idea put on the table that month was for its much larger rival to provide some capital, two of the people said.
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