Millennium Sr PM title?

Anyone know what the difference b/w MLP PM and Sr PM titles are? Foudn this from an old WSO thread; in a nut shell, I think it basically says "MLP doesn't have Surveyor GE Ashler CIE like Citadel, instead of 4 equities groups, they have a bunch more (just smaller sized), and Sr PMs effectively lead each of those (akin to Phil Lee Justin Lubell Matt Simon etc), where each of those teams has PMs/analysts working under the Sr PMs"

That description makes sense but wanted to get more color, as a quick linkedin search suggests there are 163 Sr PMs something like 550 PMs...if MLP manages $61.4bn, maybe 4-5x leverage all in (on average, so avg across macro equities quant etc) and therefore has 275bn to play with...275 / 163 = 1.7bn which is too small for a big pod that consists of several smaller pods (right?). After all, there are single pods that run $1-3bn+ themselves. In other words, I would understand this setup if each of the surveyor / GE / Ashler equivalents had like $5bn to split among a few small pods, but $1.7bn is too little (you can maybe create 2-4 pods out of that). 

Here's the description from the thread:

"The Senior PM title is part of an initiative to be able to manage more PMs as the firm grows. At Citadel, you have heads of Surveyor, Ashler, GE etc. to manage groups of PMs, but that structure doesn't really exist at MLP. Thus Senior PM / PM / Senior Analyst / Analyst etc. as well at MLP."

"Senior PMs don't run a "sleeve," this is more semantics but at least in terminology I use. It depends on how the group chooses to structure, but a senior PM gets an allocation from the firm (ie MLP is your biggest and only LP) and doles out capital to PMs who manage what I would refer to as sleeves, autonomously with caveat being the deal and culture - some by nature are entirely hands off with day-to-day process but have limits (vol targets, drawdown etc.) and others another way. Boils down to how you want to run your business. Effectively your own mini platform (or hedge fund) within MLP and a selling point to people who could be running their own fund (this is what MLP has been pitching in recent years and this strategy differentiates it from competitors like Citadel - come here and build your business, MLP provides the capital and resources, do the process and portfolio management the way you want, but within our risk limits, whereas Citadel imposes their process). If you do some digging you can find several examples of this, the most prominent being WorldQuant. This is how most large pods are structured. Many of the biggest / longest-tenured pods are multi-strategy, eg you could have a senior PM who built his business on healthcare long / short but now has a systematic PM, a TMT PM, etc. so the senior PM would not be in the weeds on what you're doing other than managing overall risk. Also keep in mind there are "analysts" that can run autonomous sleeves with no day-to-day involvement by the "PM", eg in a healthcare pod an analyst runs pharma sector entirely at their discretion because maybe the overall PM is a services guy - just like at Citadel. PM vs. Analyst at pods can just be a title. My understanding is that some Citadel "analysts" manage more gross than "PMs" at other places (several billion). This is why I'm skeptical on your PMs not being PMs point at MLP - because there are analysts that are what most people would call PMs."

"At the more senior levels, MLP is about building / scaling a business, which is why it's a good fit for what OP is focused on. The goal is growing teams, finding more areas to extract alpha etc. and doing it in a systematic scalable way."

So it seems like MLP gives senior PMs a few billion $, which they then divvy up among various PMs / sr analysts. This seems unfeasable given 163 senior PMs relative to total levered aum...how does this actually work? And how do the economics work here? Surely the PM is getting 18-22% of the pnl on their sleeve, so what does the Sr PM get? Does the Sr PM get paid based on how much equity they own in the Millennium GP / are they a partner (different from how regular PM is compensated)