What we do

We employ a global multi-strategy investment approach, opportunistically engaging in a broad array of trading and investing strategies across a wide group of diversified managers. 

Our specialized divisions have built and continually evolve our core infrastructure platform.  This enables our trading teams to independently pursue unique investment strategies within one centrally-driven risk and operational framework.  

Millennium has differentiated itself from other alternative investment management firms through our consistent ability to generate high quality returns for our investors.

Millennium’s unique framework has created what we believe to be a sustainable and scalable organization aligned in partnership with our investors.  Our dedication to our mission has defined Millennium as an industry leader over our 25+ year history.

INVESTMENT APPROACH

INVESTMENT APPROACH

Our mission is to deliver the alternative investment industry’s highest quality returns to our investors, and to maintain a commitment to our principles of integrity, discipline and excellence.

We empower our trading teams to independently focus on the specific opportunities and strategies in which they specialize, subject to our overall risk management, compliance, operational controls, and hedging of aggregate exposures where appropriate.

Our approach to the selection and oversight of trading teams is grounded in a philosophy of consistently seeking to generate incremental, positive returns against a limited amount of risk exposure (i.e., high Sharpe ratio), rather than outsized, but more volatile absolute returns.

We prefer trading teams that produce small gains on winning days and smaller losses on losing days. Our goal is to have more winning days than losing ones. We encourage our trading teams to pass on opportunities for outsized gains if they are accompanied by the risk of large losses.

In an effort to ensure that this philosophy is implemented in a consistent, disciplined manner, we calculate and set investment guidelines with each trading team.

INVESTMENT STRATEGIES

INVESTMENT STRATEGIES

We follow an investment strategy that is broadly diversified, global in scope and opportunistic with respect to investments. Each trading team pursues specific opportunity sets within a disciplined risk management framework.

At any given time, we expect to have trading teams pursuing most of the following broad strategies:

  •        Relative Value Fundamental Equity
  •        Statistical Arbitrage / Quantitative Strategies
  •        Merger Arbitrage / Event Driven
  •        Fixed Income
  •        Commodities

Millennium emphasizes diversity in asset classes, industry sectors and geographic boundaries and invests in a variety of domestic and international equity and debt securities, currencies, futures, forwards, options and other instruments. 

Senior Management determines the concentration in, and allocation to our investment strategies. The Firm is positioned to selectively add to or reduce its allocation to particular investment strategies on short notice given the opportunity set prevailing from time to time.

INSTITUTIONAL INFRASTRUCTURE

INSTITUTIONAL INFRASTRUCTURE

We operate an institutional core infrastructure platform that enables our trading teams to pursue their strategies within a rigorous control environment designed to manage risk effectively. Our core infrastructure personnel operate by the Firms’ core values of integrity, discipline and excellence, and take pride in having developed an industry-leading, institutional platform.

Over the past 25 years, Millennium has invested significant resources in building our core infrastructure to maintain robust operational controls within a flexible, scalable and efficient framework. Each divisional head has significant industry experience and manages a best-in-class team.

Our core infrastructure is a significant competitive advantage for Millennium, enabling us to effectively respond to opportunities around the world.

The main components of our core infrastructure include business development, business strategy, capital development & investor relations, execution services, human resources, finance & treasury, legal & compliance, management controls & internal audit, operations & middle office, technology, and risk management.

Millennium employs rigorous governance standards. We have a number of formal committees with specifically-defined responsibilities to provide oversight for key activities related to the Firm’s operations.

Examples include our Investment Risk Committee, which reviews Firm-wide trading risks, our Operational Risk Committee, which proactively monitors potential areas of non-financial risk, and our Business Continuity Committee, which oversees technological redundancies and disaster recovery capabilities.