Millennium founder explores equity ownership options for top execs

Millennium Management founder Izzy Englander is considering distributing equity in the $76 billion hedge fund to key executives for the first time, marking a major shift as he plans for the firm’s long-term future, according to the Financial Times.

Since founding Millennium in 1989, Englander, now 77, has retained full ownership. Discussions are underway to extend ownership to senior leaders, aligning executive interests with investors and giving top talent a greater stake in the firm’s success.

Though still actively involved, Englander has been institutionalizing Millennium, evolving it beyond a traditional hedge fund. In his annual investor letter, he emphasized: “What we’ve built is larger than any one person, and it’s designed to endure and thrive.”

Millennium is also exploring a strategic partnership with BlackRock, potentially involving a minority stake sale. Additionally, the firm is expanding into less liquid assets like private credit, marking its first new strategy in over 30 years.

To align incentives, more than $10 billion of Millennium’s assets already belong to Englander and its staff.