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Millennium Management, LLC

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This is an old revision of this page, as edited by EveryoneLoves ET (talk | contribs) at 13:46, 24 December 2019 (Fixed a small mistake in the formatting of the key people section in the infobox.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Millennium Management, LLC
Company typePrivate company
IndustryInvestment management
Founded1989; 35 years ago (1989)[1]
FounderIsrael Englander
(1989 - present)[1]
Ronald Shear
(1989 - left after 6 months)[2]
Headquarters
New York[3]
,
U.S.
Key people
  • • Israel Englander (Chairman and co-CIO) [1][4]
  • • Robert Jain (co-CIO)[4]
  • • Ajay Nagpal (COO)[5]
  • • Simon Lorne(Vice chairman and chief legal officer)[6]
  • • Vlad Torgovnik(CIO)[7]
  • • John Novogratz(Head of capital development and investor relations)[8]
ProductsHedge fund[9]
AUMUS$39 billion (2019)
Number of employees
2,800[2] (2019[2])
Websitewww.mlp.com
"Millennium Management" redirects here. For Millennium Management Group, see Cannery Casino Resorts.

Millennium Management is a hedge fund and a multistrategy investment management firm, providing related services such as portfolio management, market research and trading.[9][10] It is one of the world's largest alternative asset management firms with $39 billion assets under management.[11][12] The firm operates in America, Europe and Asia.[13]

History

Israel A. Englander and Ronald Shear an acquaintance from the American Stock Exchange (AMEX) founded the firm in 1989 with $35 million.[2][14] The initial $35 million consisted of $5 million from Englander and "$2 million from the Belzberg brothers, wealthy Canadian financiers."[2] Millennium Management initially underperformed and co-founder Ronald Shear left the firm six months after founding it.[2]

In the spring of 2018, Millennium launched a joint venture with WorldQuant, a quantitative investment management firm.[15]

In 2019 it was reported that since its founding in 1989 Millennium Management had made $22.4 billion for its investors,[2] an average of 14% annually since inception.[16]

Company structure

Millennium's "platform model" of investing means that the firm is structured with about 200 investment teams[2] working independently, with each portfolio manager allocated money “to deploy in a variety of trading strategies.”[17][18]

In 2018 and 2019 the firm hired 650 new employees worldwide, bringing the total workforce to about 2,900.[19] 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.[19]

Corporate affairs

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.[20]

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.[4]

Corporate culture

The company has a “platform model” of investing made up of 200 independent teams each composed of analysts, portfolio managers and support staff. For the portfolio management teams, the company pays according to the performance of each employee’s particular team, without regard to whether other teams make or lose money.

References

  1. ^ a b c Ahmed, Azam (5 July 2011). "Englander Said to Be Looking to Sell Millennium Stake". No. DealBook. United States: New York Times. The New York Times Company. Retrieved 3 May 2019.
  2. ^ a b c d e f g h Taub, Stephen (2 April 2019). "Izzy Englander's Big Payday". No. Corner Office. United States: Institutional Investor. Institutional Investor LLC. Retrieved 3 May 2019.
  3. ^ Ahmed, Azam (8 September 2011). "Millennium Attracts $4 Billion in New Money". No. DealBook. United States: New York Times. The New York Times Company. Retrieved 3 May 2019.
  4. ^ a b c 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.
  5. ^ "Barclays prime broker moves to hedge fund". www.ft.com. 2 April 2013. Retrieved 2019-12-16.{{cite web}}: CS1 maint: url-status (link)
  6. ^ "Q&A: Hedge fund executive Simon Lorne talks Trump, Brexit and 'Billions'". Reuters. 2017-04-26. Retrieved 2019-12-16.
  7. ^ "Vlad Torgovnik". www.bloomberg.com. December 2019. Retrieved 2019-12-16.{{cite web}}: CS1 maint: url-status (link)
  8. ^ "John Novogratz". www.bloomberg.com. December 2019. Retrieved 2019-12-16.{{cite web}}: CS1 maint: url-status (link)
  9. ^ a b Stevenson, Alexandra; Goldstein, Matthew (28 December 2015). "Hedge Funds Struggle With Steep Losses and High Expectations". No. DealBook. United States: New York Times. The New York Times Company. p. B1. Retrieved 3 May 2019.
  10. ^ 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.
  11. ^ "Jesse Reinherz, 29". Forbes. Retrieved 2019-12-11.
  12. ^ "Hedge Fund Guru Israel 'Izzy' Englander Takes a Massive Bet on 3 "Strong Buy" Stocks". finance.yahoo.com. Retrieved 2019-12-11.
  13. ^ "Hedge Funds Fight for Asia Talent With Bonuses, Training". BloombergQuint. Retrieved 2019-12-11.
  14. ^ Ahmed, Azam (11 January 2011). "Millennium Hedge Fund Ends Year Up 13%". No. DealBook. United States: New York Times. The New York Times Company. Retrieved 3 May 2019.
  15. ^ Wigglesworth, Robin (24 April 2018). "WorldQuant to launch its first fund open to outside investors". www.ft.com. Retrieved 2019-12-11.{{cite web}}: CS1 maint: url-status (link)
  16. ^ Chung, Juliet. "Stalwart Hedge Funds Test Their Clout With Clients". WSJ. Retrieved 2019-12-11.
  17. ^ Raghavan, Anita (10 March 2015). "Hedge Funds Recorded Strong Recovery in 2014". No. DealBook. United States: New York Times. The New York Times Company. Retrieved 3 May 2019.
  18. ^ Ahmed, Azam (8 September 2011). "Millennium Attracts $4 Billion in New Money". DealBook:New York Times. Retrieved 2019-12-11.{{cite web}}: CS1 maint: url-status (link)
  19. ^ a b "Millennium Management, LLC Website". Retrieved 2019-12-16.
  20. ^ Lee, Allen (2019-10-22). "20 Things You Didn't Know About Israel Englander". Money Inc. Retrieved 2019-12-16.
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