Millennium Management has closed two index-rebalancing pods in Asia, according to a source familiar with the matter. The pods were led by Hong Kong-based portfolio managers Shao Ying and Zachary Corones, both of whom are leaving the firm. The reasons behind the closures and the performance of the teams were not disclosed. The decision comes amid market volatility driven by concerns over a weakening US economic outlook and tighter monetary policy in Japan. Millennium, which manages over USD68bn, operates a multi-manager model that allocates capital across various trading strategies, closely monitoring losses. The Bank of Japan’s recent interest rate hike and the resulting market turbulence, including Japan’s Topix index experiencing its worst three-day losing streak since 1959, may have contributed to the decision.