Tuesday, 21 October 2014
Last updated 7 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...