Millennium Management, LLC

Millennium Management is an investment management firm with a multistrategy hedge fund offering.[9] It is one of the world's largest alternative asset management firms with $39 billion assets under management. The firm operates in America, Europe and Asia.[10]

Millennium Management, LLC
Private
IndustryHedge fund
Founded1989 (1989)[1]
Founders
Headquarters
New York[4]
,
U.S.
Key people
  • • Robert Jain (2016: co-CIO)[2]
  • • 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]
ProductsHedge fund
AUMUS$ 38.7 billion
(as of June 30, 2019)[8]
Number of employees
2,800 (2019[3])
Websitewww.mlp.com
"Millennium Management" redirects here. For Millennium Management Group, see Cannery Casino Resorts.

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 the spring of 2018, Millennium launched a joint venture with WorldQuant, a quantitative investment management firm.[11]

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.[12] 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 over $40 billion. After hiring many new people during 2019 the company ended the year with 230 portfolio managers, the most in its history. 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.[13]

Company

Employees

Israel Englander (see main article Israel Englander)

Israel Englander is the co-CEO and founder of Millennium Management. He began trading stocks while still in high school, and founded his first company in 1977, I.A. Englander & Company, which is still trading stocks and bonds.

Robert Jain - In 2016 Millennium Management hired Robert Jain to join Israel Englander as co-CIO. He was then global head of Credit Suisse Asset Management, the money management arm of Credit Suisse.[2]

Investment team structure

The company has a platform model of investing[4] made up of 200 investment teams[14] with each portfolio manager allocated money "to deploy in a variety of trading strategies."[15]

Locations

The company has regional offices in London, Singapore, Hong Kong, Tokyo, Greenwich and Geneva, with its principal office in New York, in addition to operating smaller offices in locations around the world.[16]


References
  1. Ahmed, Azam (25 July 2011). "Englander Said to Be Looking to Sell Millennium Stake". New York Times (DealBook). United States. The New York Times Company. Retrieved 3 May 2019.
  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. Taub, Stephen (2 April 2019). "Izzy Englander's Big Payday" (Corner Office). United States: Institutional Investor. Institutional Investor LLC. Retrieved 3 May 2019.
  4. Ahmed, Azam (8 September 2011). "Millennium Attracts $4 Billion in New Money". New York Times (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'" (Wealth). New York, N.Y., United States: Reuters. Thompson Reuters. Retrieved 16 December 2019.
  7. "China's Property Bubble, Millennium Management's John Novogratz, Baupost" (AR + Alpha). United States: Business Insider. Business Insider Inc. 1 May 2011. Retrieved 8 January 2020.
  8. "The largest managers of hedge funds (P&I Sep 2019)" (Special Report Hedge Funds). United States: Pensions & Investments. Crain Communications Inc. 16 September 2019. Retrieved 15 October 2019.
  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" (Rich List). United States: Institutional Investor. Institutional Investor LLC. Retrieved 3 May 2019.
  10. Hu, Bei (29 October 2019). "Hedge Funds Fight for Asia Talent With Bonuses, Training" (Business). BloombergQuint. Bloomberg L.P. Retrieved 11 December 2019.
  11. Wigglesworth, Robin (24 April 2018). "WorldQuant to launch its first fund open to outside investors" (Hedge Funds). Financial Times. Nikkei. Retrieved 11 December 2019.
  12. Chung, Juliet (30 October 2018). "Stalwart Hedge Funds Test Their Clout With Clients". The Wall Street Journal. Eastern Edition (Markets). Wall Street Journal. Dow Jones & Company Inc. ISSN 0099-9660. Retrieved 11 December 2019.
  13. "Millennium Raises $3 Billion With Clients Accepting Strict Terms". Bloomberg.com. 2020-02-14. Retrieved 2020-03-18.
  14. Herbst-Bayliss, Svea (12 October 2018). "Englander's Millennium hires portfolio manager from Citadel- sources" (Fund News). Boston, MA, United States: Reuters. Thompson Reuters. Retrieved 8 January 2020.
  15. Raghavan, Anita (10 March 2015). "Hedge Funds Recorded Strong Recovery in 2014". New York Times (DealBook). United States. The New York Times Company. Retrieved 3 May 2019.
  16. "Millennium Management, LLC Website". Retrieved 2019-12-16.
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