| Millennium Management, LLC | |
| Logo Alt: | Image of Millennium Management logo shown in serif font in blackish grey color. |
| Type: | Private |
| Industry: | Hedge fund |
| Founded: | [1] |
| Founders: | |
| Key People: | |
| Hq Location City: | New York[2] |
| Hq Location Country: | U.S. |
| Products: | Hedge fund |
| Subsid: | WorldQuant |
| Aum: | US$ 67.9 billion (as of August 2024)[3] |
| Num Employees: | 5,600+ |
| Num Employees Year: | 2024 |
Millennium Management is an investment management firm with a multistrategy hedge fund offering.[4] It is one of the world's largest alternative asset management firms with over $67.9 billion assets under management as of August 2024.[5] [6] The firm operates in America, Europe and Asia.[7] As of 2022, Millennium had posted the fourth highest net gains of any hedge fund since its inception in 1989.[8]
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.[9]
In the spring of 2018, Millennium launched a joint venture with WorldQuant, a quantitative investment management firm.[10]
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.[11] 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.[12] 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]
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.[14]
The company has a platform model of investing made up of approximately 280 investment teams[15] with each portfolio manager allocated money "to deploy in a variety of trading strategies."[16]
The company has 18 primary offices 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. [17]