Millennium Management is an

investment management Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as r ...

firm with a multistrategy

hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...

offering. It is one of the world's largest alternative asset management firms with over $70.2 billion assets under management as of October 2024. The firm operates in

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and

Asia Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which ...

. As of 2022, Millennium had posted the fourth highest net gains of any hedge fund since its inception in 1989.

History

Israel A. Englander and Ronald Shear, an acquaintance from the American Stock Exchange (AMEX), founded the firm in 1989 with $35 million. The initial $35 million consisted of $5 million from Englander and "$2 million from the Belzberg brothers, wealthy Canadian financiers." Millennium Management initially underperformed and co-founder Ronald Shear left the firm six months after founding it. In 2016, Millennium hired Bobby Jain, then global head of Credit Suisse Asset Management, to join Israel Englander as co-CIO. Jain left Millennium in June 2023. In the spring of 2018, Millennium launched a joint venture with WorldQuant, a quantitative investment management firm. 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, an average of 14% annually since inception. 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. 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.

Company

Investment team structure

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

Locations

The company has 18 primary offices including regional offices in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

, Dubai,

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and

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, with its principal office in

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, in addition to operating additional offices in locations around the world.

References

{{Hedge funds Hedge fund firms in New York City Financial services companies established in 1989 1989 establishments in Connecticut Privately held companies of the United States Investment companies based in New York City Asset management companies