Albar Capital Partners is to return external cash to investors and continue running its London-based market-neutral equities strategy exclusively for founder Javier Velazquez’s former employer Millennium, according to a report buy Bloomberg. The report cites unnamed people familiar with the mater as revealing that the arrangement will see Albar return money to its outside clients before operating independently with capital supplied by Millennium. More recently, it has increasingly provided capital to managers launching independent firms and invested in outside hedge funds, while also exploring additional arrangements to replace third-party capital with Millennium money. Under that arrangement, Jain Global agreed to return external investor capital and manage money exclusively for Millennium as part of a strategic partnership. Neville Shah, who had run capital at his own firm Kodai Capital Management after working for Millennium, returned to the firm after giving back external investor money.