"The hedge fund, with $81 billion in assets, has been around for a while. In a 2024 letter to investors, billionaire founder Izzy Englander said the firm "is far too large and intricate for a single individual to manage." A onetime potential successor to Englander - Jain Global founder Bobby Jain - was replaced by a four-person office of the CIO. The firm has CEOs for its EMEA and APAC businesses."
"There is no key-man clause for investors in the firm, meaning backers cannot pull their capital when Englander retires or leaves - a sign limited partners are investing in the firm first and foremost, not Englander. Millennium is much larger than just Englander, and has been for some time. But the sale of a 15% stake at the start of November, which valued the manager at $14 billion, is still a milestone for the 36-year-old fund."
Millennium manages $81 billion and has institutionalized its leadership with a four-person office of the CIO and regional CEOs for EMEA and APAC. Founder Izzy Englander acknowledged the firm is "far too large and intricate for a single individual to manage." The firm sold a 15% stake in early November that valued it at $14 billion, allowing longtime investors and senior executives to buy into the partnership. The sale was marketed to wealthy individuals by private banks such as Goldman Sachs and UBS. There is no key-man clause, so investors cannot withdraw capital if Englander departs. The firm appears poised to continue adding assets and expanding into new asset classes and regions.
Read at Business Insider
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