Wednesday, 30 July 2014
Last updated 2 hours ago
Sep 9 2011 | 12:40pm ET
Israel Englander's decision to hire a dedicated marketer last year is paying off. Millennium Management has garnered billions in new commitments this year as it seeks to broaden its business and possibly sell a stake to a private equity firm.
New York-based Millennium has won more than $4 billion in new commitments this year, The New York Times reports. The firm, which managed $14.2 billion before seeing assets drop to $6.9 billion post-financial crisis, is back up to about $12.75 billion.
The turnaround can be credited in part to John Novogratz, who Englander hired last year from Fortress Investment Group to lead fundraising. Prior to Novogratz's arrival, Millennium had no dedicated marketing team.
Earlier this summer it was reported that Englander was in advanced talks to sell a minority stake in Millennium to p.e. shop Foundation Capital Partners, which is led by former Citigroup hedge fund chief Dean Barr. While Englander has denied that he has any plans to retire, Millennium has begun to create a succession plan. In addition, the firm could be building its asset base to make itself more attractive to potential buyers—the firm charges no management fee, so a larger asset base is not an end in itself.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…