Millennium Management, LLC

Last updated
Millennium Management, LLC
Company type Private
Industry Hedge fund
Founded1989;35 years ago (1989) [1]
Founders
Headquarters
New York [4]
,
U.S.
Key people
  • • Ajay Nagpal (2013 July: COO) [5]
  • • Simon Lorne (Vice chairman and chief legal officer) [6]
  • • John Novogratz (2009 Dec: Head of capital development and investor relations) [7]
Products Hedge fund
AUM US$ 61.1 billion
(as of January 2024) [8]
Number of employees
5,500+ (2024 [8] )
Subsidiaries WorldQuant, Catapult Capital Management LLC
Website mlp.com

Millennium Management is an investment management firm with a multistrategy hedge fund offering. [9] In 2023, it was one of the world's largest alternative asset management firms with over $61.1 billion assets under management as of January 2024. [10] The firm operates in America, Europe and Asia. [11] As of 2022, Millennium had posted the fourth highest net gains of any hedge fund since its inception in 1989. [12]

Contents

History

Israel A. Englander and Ronald Shear, an acquaintance from the American Stock Exchange (AMEX), founded the firm in 1989 with $35 million. [3] The initial $35 million consisted of $5 million from Englander and "$2 million from the Belzberg brothers, wealthy Canadian financiers." [3] Millennium Management initially underperformed and co-founder Ronald Shear left the firm six months after founding it. [3]

In 2016, Millennium hired Bobby Jain, then global head of Credit Suisse Asset Management, to join Israel Englander as co-CIO. [2] Jain left Millennium in June 2023. [13]

In the spring of 2018, Millennium launched a joint venture with WorldQuant, a quantitative investment management firm. [14]

In 2019 London-based investment firm LCH Investment ranked Millennium Management 12th on their ranking of most successful hedge funds of all time reporting that since its founding in 1989 the firm had made $22.4 billion for its investors, [3] an average of 14% annually since inception. [15] In 2019 the company raised $4.1 billion after a two-year hiatus from raising new capital. The company expects to have raised $7.1 billion by March 2020 and manages a total of nearly $50 billion in capital. The company ended the year 2020 with 265 portfolio manager teams, the most in its history. [16] As of February 2020 Millennium managed over 2,000 data sets from close to 400 providers, for a total of about 10 trillion records of data and over 2,000 terabytes of compressed stored data. [17]

Company

Investment team structure

The company has a platform model of investing [4] made up of approximately 280 investment teams [18] with each portfolio manager allocated money "to deploy in a variety of trading strategies." [19]

Locations

The company has 17 locations including regional offices in London, Singapore, Miami, Bengaluru, Tel Aviv, Tokyo, Dublin, Greenwich, Geneva, Zug and Paris, with its principal office in New York, in addition to operating additional offices in locations around the world. [20]

Lawsuits

In April 2024, Jane Street Capital brought forward a lawsuit against Millennium, alleging that the firm stole Jane Street's trading strategy through engaging two of its former traders, Douglas Schadewald and Daniel Spottiswood. [21]

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References

  1. ↑ Ahmed, Azam (25 July 2011). "Englander Said to Be Looking to Sell Millennium Stake" . New York Times. No. DealBook. United States. The New York Times Company. Retrieved 3 May 2019.
  2. 1 2 Wigglesworth, Robin (28 March 2016). "Millennium taps Credit Suisse's Jain as co-CIO". United States: Financial Times. Nikkei. p. 11. Retrieved 7 May 2019.
  3. 1 2 3 4 5 Taub, Stephen (2 April 2019). "Izzy Englander's Big Payday". No. Corner Office. United States: Institutional Investor. Institutional Investor LLC. Retrieved 3 May 2019.
  4. 1 2 Ahmed, Azam (8 September 2011). "Millennium Attracts $4 Billion in New Money". New York Times. No. DealBook. United States. The New York Times Company. Retrieved 3 May 2019.
  5. ↑ McCrum, Dan (2 April 2013). "Barclays prime broker moves to hedge fund" . New York, N.Y., United States: Financial Times. Nikkei. Retrieved 16 December 2019.
  6. ↑ Delevingne, Lawrence; Crimmins, Carmel (25 April 2017). "Q&A: Hedge fund executive Simon Lorne talks Trump, Brexit and 'Billions'". No. Wealth. New York, N.Y., United States: Reuters. Thomson Reuters. Retrieved 16 December 2019.
  7. ↑ "China's Property Bubble, Millennium Management's John Novogratz, Baupost". No. AR + Alpha. United States: Business Insider. Business Insider Inc. 1 May 2011. Retrieved 8 January 2020.
  8. 1 2 "Operating System". Millennium Management, LLC. 22 January 2024. Retrieved 22 January 2024.
  9. ↑ Taub, Stephen (30 April 2019). "The Rich List – What the world's richest hedge fund managers made in 2018 — and how they made it". No. Rich List. United States: Institutional Investor. Institutional Investor LLC. Retrieved 3 May 2019.
  10. ↑ Agnew, Harriet (20 November 2023). "Asset Management: Millennium's succession dilemma". www.ft.com. Retrieved 27 November 2023.
  11. ↑ Hu, Bei (29 October 2019). "Hedge Funds Fight for Asia Talent With Bonuses, Training" . No. Business. BloombergQuint. Bloomberg L.P. Retrieved 11 December 2019.
  12. ↑ Tucker, Hank. "Citadel's $16 Billion Gain In 2022 Makes Ken Griffin's Flagship The Top-Earning Hedge Fund Ever". Forbes. Retrieved 2023-08-24.
  13. ↑ Morrell, Alex (1 July 2023). "Bobby Jain's hotly anticipated hedge fund just made its first hire". Business Insider.
  14. ↑ Wigglesworth, Robin (24 April 2018). "WorldQuant to launch its first fund open to outside investors" . No. Hedge Funds. Financial Times. Nikkei. Retrieved 11 December 2019.
  15. ↑ Chung, Juliet (30 October 2018). "Stalwart Hedge Funds Test Their Clout With Clients" . The Wall Street Journal. Eastern Edition. No. Markets. Wall Street Journal. Dow Jones & Company Inc. ISSN   0099-9660 . Retrieved 11 December 2019.
  16. ↑ "How to get a job at hedge fund Millennium". eFinancialCareers. 2021-02-12. Retrieved 2021-03-07.
  17. ↑ "Millennium Raises $3 Billion With Clients Accepting Strict Terms". Bloomberg.com. 2020-02-14. Retrieved 2020-03-18.
  18. ↑ Herbst-Bayliss, Svea (12 October 2018). "Englander's Millennium hires portfolio manager from Citadel- sources". No. Fund News. Boston, MA, United States: Reuters. Thomson Reuters. Retrieved 8 January 2020.
  19. ↑ Raghavan, Anita (10 March 2015). "Hedge Funds Recorded Strong Recovery in 2014". New York Times. No. DealBook. United States. The New York Times Company. Retrieved 3 May 2019.
  20. ↑ "Locations". Millennium Management. Retrieved 17 July 2023.
  21. ↑ "Big hedge fund firm Millennium sued by Jane Street for allegedly stealing strategy". Reuters.
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