Millennium Management gained 15% in 2024

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Izzy Englander’s hedge fund Millennium Management gained 2.5 per cent in December, bringing returns for 2024 to 15 per cent, according to investors.

The firm is one of the most prominent multi-manager hedge funds, managing $72.1bn across more than 320 investment teams and trading a range of strategies.

Multi-manager hedge funds typically organise traders across a variety of asset classes, all controlled by a centralised risk system designed to prevent big losses.

Englander still owns 100 per cent of Millennium, which he founded in 1989 with assets of just $35mn. Millennium and Ken Griffin’s Citadel are pioneers of multi-manager funds, which in recent years have been the fastest-growing corner of the $4.5tn hedge fund industry.

Millennium’s returns last year lagged those of the S&P 500, the index of US blue-chip companies, which rose 23 per cent on the back of big gains for a handful of tech companies.

Millennium declined to comment.