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Citadel and Millennium outpace smaller hedge fund rivals

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Citadel and Millennium outpace smaller hedge fund rivals

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Big-name managers such as Citadel and Millennium outpaced rivals in the world’s hottest hedge fund strategy last year, illustrating how an arms race for talent and technology is taking a toll on smaller players in the sector.

Ken Griffin’s Citadel gained 15.3 per cent in its flagship Wellington fund in 2023, according to people familiar with the numbers. It told clients in December that it planned to return $7bn in profits to investors and said it would start 2024 with $58bn in assets.

Izzy Englander’s New York-based Millennium, which runs $61.4bn, gained 10 per cent last year, while Steve Cohen’s Point72 Asset Management, which has $31.4bn in assets, was up 10.6 per cent, investors said.

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The three firms are among the oldest and best-resourced players in the fast-growing multi-manager sector. All three groups declined to comment.

The gains came as money managers had to contend with a regional banking crisis in the US and a large sell-off in the bond market for much of last year as global interest rates moved higher. The S&P 500 index rose 24.2 per cent in 2023 in comparison.

Citadel’s and Millennium’s gains were lower than in 2022, when Citadel’s main fund gained 38.1 per cent and the firm made a record $16bn in profits, establishing it as the most successful hedge fund manager of all time. Millennium was up 12 per cent while the S&P 500 fell 19.4 per cent.

Multi-manager hedge funds typically allocate capital across tens or hundreds of trading teams that operate a variety of different strategies, and are overseen by a centralised risk management system designed to help prevent big losses. They seek to make money regardless of overall market performance and have been popular with investors in recent years due to their strong risk-adjusted returns.

Rather than the traditional “2 and 20” fees — where managers charge a 2 per cent management fee and 20 per cent of gains — multi-manager platforms are distinctive for their pass-through expenses model.

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Instead of an annual management fee, the manager passes all costs to its end investors, covering costs such as office rents, technology and data, salaries, bonuses and client entertainment. These costs should, in theory, be offset by the resulting performance improvements.

But performance last year by some of the smaller players illustrates how some firms are struggling to deliver as spending on technology and talent has eaten into returns.

Schonfeld Strategic Advisors’ main fund gained 3 per cent last year, according to investors, while Dmitry Balyasny’s hedge fund Balyasny Asset Management ended the year up 2.7 per cent in its Atlas Enhanced fund, according to people familiar with the firms. Balyasny runs $21bn in assets and Schonfeld has $10bn.

The pair were among the main beneficiaries of billions of dollars of inflows in recent years when investors clamoured to get into multi-manager hedge funds and the likes of Citadel and Millennium were closed to new money. Fuelled by the pass-through model, Balyasny and Schonfeld hired aggressively, increasing their cost base.

However, with rate rises having lifted the risk-free return available to investors, funds are facing greater pressure to perform. Within the multi-manager sector, investors anticipate that some players with disappointing numbers could be forced to lay off traders, cut costs or potentially team up.

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The Financial Times reported in October that Schonfeld was in partnership talks with Millennium that would have seen Englander’s hedge fund put billions of dollars to work with its smaller rival.

But the plan fell through after investors said they would give Schonfeld another $3bn, shoring up its position. The firm said in November that it would cut 15 per cent of its workforce in a cost-cutting drive.

Among other multi-manager funds, Eisler Capital, which has $4bn in assets, gained 9.8 per cent last year, according to a person familiar with the matter. Another newer entrant to the multi-manager space, ExodusPoint, was up 7.3 per cent, according to people who had seen the numbers.

Bloomberg first reported Citadel’s and Millennium’s performance.

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NASA eyes March 6 to launch 4 astronauts to the moon on Artemis II mission

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NASA eyes March 6 to launch 4 astronauts to the moon on Artemis II mission

NASA says it’s planning a March 6 launch date to send four astronauts on a trip around the moon on the Artemis II mission.

Miguel J. Rodriguez Carrillo/AFP via Getty Images


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Miguel J. Rodriguez Carrillo/AFP via Getty Images

NASA could launch four astronauts on a mission to fly around the moon as soon as March 6th.

That’s the launch date that the space agency is now working towards following a successful test fueling of its big, 322-foot-tall moon rocket, which is standing on a launch pad at the Kennedy Space Center in Florida.

“This is really getting real,” says Lori Glaze, acting associate administrator of NASA’s exploration systems development mission directorate. “It’s time to get serious and start getting excited.”

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But she cautioned that there’s still some pending work that remains to be done out at the launch pad, and officials will have to conduct a multi-day flight readiness review late next week to make sure that every aspect of the mission is truly ready to go.

“We need to successfully navigate all of those, but assuming that happens, it puts us in a very good position to target March 6th,” she says, noting that the flight readiness review will be “extensive and detailed.”

The Artemis II test flight will send four astronauts on an approximately 600,000-mile trip around the moon and back. It will mark the first time that people have ventured to the moon since the final Apollo lunar mission in 1972.

When NASA workers first tested out fueling the rocket earlier this month, they encountered problems like a liquid hydrogen leak. Swapping out some seals and other work seems to have fixed these issues, according to officials who say that the latest countdown dress rehearsal went smoothly, despite glitches such as a loss of ground communications in the Launch Control Center that forced workers to temporarily use backups.

Members of the Artemis II crew — NASA astronauts Reid Wiseman, Victor Glover, Christina Koch, and Canadian Space Agency astronaut Jeremy Hansen — are starting their roughly two-week quarantine to limit their exposure to illnesses before their flight.

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Glaze says she spoke to several of the astronauts during the recent test fueling, as they were in Florida to observe the preparations. “They’re all very, very excited,” she says. “They are really getting a lot of anticipation for a potential launch in March.”

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Video: Trump Says He’ll Release Alien and U.F.O. Files

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Video: Trump Says He’ll Release Alien and U.F.O. Files

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Trump Says He’ll Release Alien and U.F.O. Files

After former President Obama made viral comments about aliens, President Trump said his administration would begin to release government files related to aliens and extraterrestrial life.

“Are aliens real?” “They’re real, but I haven’t seen them. And, they’re not being kept in, what is it?” “Area 51.” “Area 51. There’s no underground facility, unless there’s this enormous conspiracy, and they they hid it from the president of the United States.” “Well, I don’t know if they’re real or not. I can tell you, he gave classified information. He’s not supposed to be doing that. He made a, he made a big mistake.” “Well, if the president can declassify anything that he wants to, so ——” “Well, maybe I’ll get him out of trouble. I may get him out of trouble by declassifying.”

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After former President Obama made viral comments about aliens, President Trump said his administration would begin to release government files related to aliens and extraterrestrial life.

By Shawn Paik

February 19, 2026

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Britain blocking use of air bases Trump says would be needed for strikes on Iran, UK media report | CNN

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Britain blocking use of air bases Trump says would be needed for strikes on Iran, UK media report | CNN

British Prime Minister Keir Starmer has blocked a request from US President Donald Trump to allow US forces to use UK air bases during any preemptive attack on Iran, saying it could break international law, according to multiple reports in British media citing government sources.

According to The Times of London, which first reported the split over airbase access, Starmer has denied the use of RAF Fairford in England and Diego Garcia – the British overseas territory in the Indian Ocean – for any strike on Iran.

The two bases have long served as crucial overseas US military staging posts for operations far from home, with Diego Garcia a key airfield for the US’ heavy bomber fleet.

The Times reports Britain is concerned that allowing the US to use the bases “would be a breach of international law, which makes no distinction between a state carrying out the attack and those in support if the latter have ‘knowledge of the circumstances of the internationally wrongful act.’”

The Times cited UK government sources. The BBC, The Guardian and The Telegraph also subsequently published their own reports on the UK blocking access to the bases, citing sources.

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The UK Ministry of Defence declined to comment on what it called operational matters. “There is a political process ongoing between the US and Iran, which the UK supports. Iran must never be able to develop a nuclear weapon, and our priority is security in the region,” a government spokesperson said.

American requests to use UK bases for operational purposes historically have been considered on a case-by-case basis, with precise criteria withheld for security reasons under long-standing agreements.

“All decisions on whether to approve foreign nations’ use of military bases in the UK for operational purposes considers the legal basis and policy rationale for any proposed activity,” Veterans Minister Al Carns wrote in response to questions from independent British member of parliament Jeremy Corbyn, according to a January report from the UK Defence Journal.

Starmer and Trump held a phone call on Tuesday evening, with readouts saying the two discussed peace in the Middle East and Europe.

The following day Trump took to his Truth Social platform to withdraw support for a deal that would see sovereignty over the Chagos Islands, the Indian Ocean chain that is home to the joint US-UK Naval Support Facility Diego Garcia, handed to Mauritius in return for a 99-year lease on the military base.

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CNN has approached the White House for comment.

Britain had split the Chagos Islands from Mauritius before that colony gained independence, something that has been a source of diplomatic friction as well as multiple legal battles with locals who were evicted. In 2019, the International Court of Justice ruled Britain should return the islands “as rapidly as possible,” so that they could be decolonized.

A deal to return them has been making its way through British government channels since, with London arguing a lease compromise would ward off further expensive and likely futile legal battles while maintaining military access in the Indian Ocean.

After initially opposing the UK-Mauritius deal, Trump in early February said it was the “best” Britain could get under the circumstances.

But as the US has been surging forces into the region for a possible attack on Iran, Trump reversed course, saying in a Truth Social post that Starmer is “making a big mistake” in agreeing to the lease deal with Mauritius.

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“Prime Minister Starmer is losing control of this important Island by claims of entities never known of before. In our opinion, they are fictitious in nature,” Trump’s post said.

But just a day earlier, the US State Department issued a statement saying in part that Washington “supports the decision of the United Kingdom to proceed with its agreement with Mauritius.”

Asked about the discrepancy between the Truth Social post and the State Department statement, White House press secretary Karoline Leavitt said the president’s post should be taken as the “policy” of the Trump administration.

In his social media post, Trump directly referenced the two UK airbases, cited by British media, as important in a possible strike on Iran.

“It may be necessary for the United States to use Diego Garcia, and the Airfield located in Fairford, in order to eradicate a potential attack by a highly unstable and dangerous Regime,” Trump wrote.

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Neither Diego Garcia nor Fairford, the key forward operating base for US strategic bombers in Europe, was used in last June’s one-time B-2 bomber strike on Iranian nuclear sites. In that case, the stealth bombers flew a round trip of about 37 hours from their home base in Missouri.

But analysts are expecting that any new US attack on Iran might be a much longer campaign, possibly of weeks or more.

In such a campaign, having the B-2s, as well as B-1 and B-52 bombers, using bases thousands of miles closer to Iran would enable quicker turnarounds to rearm and refuel for more strikes.

While the US may have access to other bases in friendly countries closer to Iran, using them could put its prized heavy bomber fleet in reach of retaliatory Iranian missile strikes.

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