One could argue that Millennium Management’s greatest advantage over other hedge funds is its ability to keep talented people in-house.
The massive hedge fund — which manages some $46 billion in assets across hundreds of teams — has a unique structure that lets portfolio managers operate in independent silos. The structure, which is grants PMs even more autonomy than fellow multi-strategy funds though with tight risk and loss parameters, helps billionaire founder Israel Englander convince staffers who might leave a more traditional fund to stay in-house — and recruit top talent into his firm.
However, despite that and given he launched the firm over 30 years ago, Englander has seen a sprouted a network of hedge funds.
According to a Business Insider review of LinkedIn, media reports, and industry sources, more than 70 former employees of Englander have launched their own funds across the globe.