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Millenium is a large, multi-manager macro hedge fund. They are one of the top names in the industry along with people like soros, tudor, moore, brevan howard, etc. They are known for having higher pay-outs for PMs then other shops but they are also run by Izzy Englander who is known as an extremely demanding boss who has a short leash. ie if you make money you get to keep alot of it, but if you dont you will be gone quickly...
I've also heard that Izzy Englander is a tough guy to work for. His funds are consistent performers, so its a great shop to be at it if you can handle the pressure.
This profile has a bunch of info about their activities: http://www.hedgetracker.com/fund/Millennium-Management
Just wanted to point out that despite the fact that they are a multi-manager, multi-strategy fund, the have an undeniable bias towards various forms of relative-value strategies.
This is 100% accurate. They are huge into relative value, especially in FX and fixed income. They also have an equity stat arb group.
From my understanding, millennium is very much a "plug and play" fund, where traders and PMs are expected to use their strategies from previous jobs, and if they don't make money within a few months, they are fired pronto.
Macro Arbitrage is absolutely spot on. They have a bias towards RV trading.
Guess who's back...
they hired gelband post-leh so they have a VERY heavy leh presence, particularly in rates.
i know they hired a bunch of guys in credit recently. it's not a place that will look or care about undergrads/mbas. you have to show up day 1 and make $.
I had an interview for a summer internship as a research analyst in one of their statarb groups. It was by far the most difficult interview I've ever had. At one point I was given 30 minutes to read over a large industry report and answer critical thinking questions about it. Although the process varies with each portfolio management team I can imagine the level of difficulty is similar throughout the firm.
how was the level of math/coding involved in your statarb interview? did they ask for any of that?
The strategy is grouped under statarb but is actually a mix of statarb and fundamental analysis. Since my core competencies lie within fundamental analysis the interview focused on my qualitative thinking skills. The pure statarb strategy groups will likely ask high level probability, programming, and logic questions. However I cannot say for sure since I haven't had interviews at other groups.
I interviewed for the same role. The interview was indeed very difficult. The 50-page report was hard to get through in 30 minutes. In my rejection call, the interviewer said he was looking for more depth and insight in the answers.
Although the interview was hard to get through, the people were extremely nice. Hope this helps the next person interviewing for Millennium.
Millennium Partners - Any info would be appreciated (Originally Posted: 12/08/2012)
Hi,
I can't find too much about Millennium Partners. I understand they're similar to a lot of multi strategy funds in that they have different PM's running different strategies. However, I have also heard that they also farm out their money to other hedge fund managers like a fund of funds, so while some of their PM's are in house, some of the asset are managed by external managers. Is this true?
Any help would be appreciated.
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