Israel Englander’s Millennium Management has lost about 30% of its investor capital since Englander changed his policies to let investors out, a move announced in August. Millennium received $3 billion in redemptions since then, leaving the multistrategy rm with roughly $7.8 billion in assets.
“The people who are left in the fund really want to be there,” says one investor. “He didn’t re any of his managers or redeem or reduce their positions when the money went out, and he’s still running very low risk.” Investors believe the firm is now through the worst of it and that Englander’s decision to let people out was a wise one. Millennium International, the firm’s flagship fund, was up 15.22% through the end of November 2009.
Britt Erica Tunick
