(Bloomberg) -- Billionaire Izzy Englander is considering offering top executives stakes in his Millennium Management hedge fund, a person familiar with the matter said.
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Opening up ownership of Millennium would incentivize the firm’s top executives and prepare for succession. The Financial Times first reported on Englander considering expanding ownership of Millennium to his top executives.
A spokesperson for Millennium declined to comment.
Englander, 78, established Millennium in 1989 and has grown the firm to become one of the world’s biggest hedge funds, overseeing $76 billion in assets.
Millennium has never sold off a portion of its business to a third party. However, the hedge fund has been in talks with BlackRock Inc. to sell a minority stake, Bloomberg reported late last year.
In recent months, tariff threats and stubborn inflation have disrupted hedge funds’ bets — and the broader equity markets. Millennium lost 1.3% in February and about 0.8% since the start of the year.
The firm has also been battling for talent with other multistrategy giants, as hefty returns have added pressure to hire more people. Englander recently offered $100 million in potential payouts to Chris Procaccini, a portfolio manager, as a sweetener to join Millennium, Bloomberg reported. Procaccini shut his $2.5 billion fund at Magnetar Capital and jumped ship.
Millennium has lost some of its major talent in recent years. In 2018, Millennium alumnus Michael Gelband launched his own fund, ExodusPoint Capital Management, with $8 billion. Bobby Jain, who spent seven years at Millennium and shared the title of chief investment officer with Englander, launched his own shop last year, raising $5.3 billion. Diego Megia, a former senior trader at Millennium, also debuted his own hedge fund last year with $5 billion raised.
--With assistance from Isabella Farr.
(Updates with more context throughout.)
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