Unlock Editor’s Digest for free
Roula Khalaf, editor of the FT, picks her favorite stories in this weekly newsletter.
Izzy Englander’s Millennium Management hedge fund gained 2.5 percent in December, giving investors a 15 percent return for 2024.
The firm is one of the most prominent multi-manager hedge funds, managing $72.1 billion across more than 320 investment teams and trading a range of strategies.
Multi-manager hedge funds typically organize traders across different asset classes, all controlled by a centralized risk system designed to prevent large losses.
Englander still owns 100 percent of Millennium, which he founded in 1989 with just $35 million in assets. Millennium and Ken Griffin’s Citadel pioneered multi-manager funds, which in recent years have been the fastest-growing corner of the $4.5 trillion hedge fund industry.
Millennium’s returns last year trailed those of the S&P 500, an index of US blue-chip companies, which rose 23 percent thanks to big gains by a handful of technology companies.
millennium declined to comment.
