Millennium Management is a global investment management firm founded in 1989 that manages approximately $38.1 billion in assets as of March 1, 2019. We have more than 2,800 employees working across offices in the United States, Europe and Asia.
Over the last 25+ years, our mission has remained constant: 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.
Millennium allocates capital across a diverse set of strategies involving a variety of predominantly liquid asset classes. The primary focus of our business is on generating high-quality returns by engaging and overseeing a large number of specialized trading teams, each of which pursues specific strategies. Our core infrastructure enables trading teams to pursue their independent strategies by delivering a flexible, scalable and efficient platform within a rigorous control environment.
- Enduring principles of integrity, discipline and excellence
When we think about Millennium’s culture, the characteristics of integrity, discipline and excellence are embedded within our individuals and the Firm. It's how we all aspire to operate every day—and these are the characteristics that define Millennium as an organization. That is who we are.
- Trading talent
Our trading teams pursue independent strategies based on their specific expertise. They are empowered to act with relative autonomy within their respective areas and are governed by a set of risk, compliance and operational controls.
- Alignment with our investors
Our investors are our partners and everything we do revolves around delivering the alternative investment industry’s highest quality returns. This alignment with our investors is a critical aspect of our organization. Millennium’s employees are also significant investors and are proud to be invested alongside a diverse and global investor base. In managing the Firm, we don’t need to try to put ourselves into our investors’ shoes – we’re already wearing them.
- Core infrastructure
Our core infrastructure enables our trading teams to pursue their strategies within a rigorous control environment designed to manage risk effectively.
Millennium’s Senior Management is responsible for the overall strategy across all of our investing and core infrastructure activities. Our senior leadership team is well-suited to meet the challenges of the complex and constantly changing environment in which we operate, and is ultimately responsible for the allocation of capital and risk among strategies, maintaining an institutional core infrastructure platform, and ensuring that Millennium remains an industry-leading alternative investment management firm.
Millennium was founded in 1989 by Israel Englander. In the early 1990s, Mr. Englander transitioned from daily direct trading activities to focusing on building and managing a sustainable and advanced investment platform capable of attracting and retaining the world’s top trading talent.
Chairman, Chief Executive Officer
Mr. Englander is Millennium Management's Chairman and Chief Executive Officer. Mr. Englander has over 45 years of experience in securities and derivatives across a broad range of instruments and strategies. He worked as a floor broker and trader on the American Stock Exchange, owned a specialist operation from 1982 to 2008, is former chairman of the Specialist Association and has served on numerous American Stock Exchange committees, including Allocations, Allocation Procedures, Emerging Company Marketplace, Options and Special Allocations. He founded Millennium in 1989 with $35 million under management. Mr. Englander graduated from New York University with a BS in Finance, and attended New York University Graduate School of Business Administration.
Co-Head of Fixed Income & Commodities
Mr. Anderson is the Co-Head of Fixed Income & Commodities, based in London. He has responsibility for the daily oversight and management of Millennium’s commodities and fixed income portfolio managers. Prior to joining Millennium, Mr. Anderson spent 24 years with JPMorgan in numerous trading and trading management roles. He started his financial career as a Fixed Income derivatives trader, eventually managing global Fixed Income Rates and FX trading before moving into the commodities business. Within commodities, he ran proprietary trading, metals trading, global energy trading and principal investments before becoming co-Head of JPMorgan's Global Commodities business. Mr. Anderson earned a BS degree from Lafayette College, a Master’s in Business Administration from the Ross School of Business at the University of Michigan and holds the CFA designation.
Co-Chief Investment Officer
Bob Jain is Co-Chief Investment Officer of Millennium. Prior to his current role, Mr. Jain was at Credit Suisse for 20 years in various roles, including Global Head of Asset Management, Co-Head of Global Securities, and Global Head of Proprietary Trading across equities and fixed income. He began his career at O'Connor & Associates as an Options Trader. Mr. Jain received his B.A. with honors in Government from Cornell University and is a Chartered Financial Analyst. Mr. Jain sits on various philanthropic and industry bodies including the Board of Harvard Management Corporation and The Investor Advisory Committee of the NY Federal Reserve.
Vice Chairman, Chief Legal Officer
Mr. Lorne is Millennium's Vice Chairman and Chief Legal Officer. Mr. Lorne oversees compliance, legal, and regulatory functions, along with management controls and internal audit. Mr. Lorne had been a partner in the law firm of Munger, Tolles & Olson LLP, which he rejoined in 1999 after originally becoming a partner in 1972. In 1996, he became a Managing Director at Salomon Brothers where he served as Global Head of Internal Audit. Following the merger of Salomon Brothers into Travelers Group Inc., he continued as Managing Director and as a senior member of the General Counsel’s office. With the merger of Travelers Group and Citicorp, he organized and coordinated the global compliance functions of Citigroup. From 1993 to 1996, Mr. Lorne was General Counsel of the U.S. Securities and Exchange Commission. Mr. Lorne graduated cum laude with an AB from Occidental College and received his JD, magna cum laude, from the University of Michigan Law School. Mr. Lorne also serves as the Chairman of the Alternative Investment Management Association (AIMA).
Chief Trading Officer/ Global Head of Stat Arb Equities
Mr. Meskin is Chief Trading Officer and Global Head of Stat Arb Equities. Mr. Meskin has oversight of Millennium’s day-to-day trading and works with the Portfolio Managers to ensure they have the optimal platform to operate their trading strategies. In this role, he is also involved in Portfolio Manager evaluation, recruitment, and monitoring as well as coordinating with the various departments to support the needs of Millennium’s trading strategies. Additionally, Mr. Meskin manages Millennium's statistical arbitrage equities business. Prior to joining the Firm, he spent nine years as Managing Director/Principal for Helfant Group, Inc., a NYSE member firm, responsible for the upstairs trading, operations and technology areas. Mr. Meskin has an MBA in Finance from New York University and a Master’s in Information Systems from the University of Cape Town, South Africa.
Chief Operating Officer
Mr. Nagpal is Millennium’s Chief Operating Officer overseeing various business areas of Millennium’s global activities. Prior to joining Millennium in 2013, Mr. Nagpal was the Global Head of Prime Services at Barclays. He occupied this position since 2008, having transitioned to Barclays as part of the acquisition of Lehman Brothers’ U.S. businesses. He was a Managing Director with Lehman Brothers from 2001-2008. He began as Head of Liquid Market Sales in Fixed Income. In 2005, he transitioned to the role of Global Head of Equities Sales. Mr. Nagpal began his career at JP Morgan in 1992 in fixed income derivatives. Mr. Nagpal has a BA from Brown University and a Masters in Public Policy from the John F. Kennedy School of Government at Harvard University.
Global Head of Equities
Mr. Santoro is Millennium’s Global Head of Equities. He joins Millennium with 24 years of prior experience in trading and risk management. Mr. Santoro has daily oversight and management responsibilities for Millennium’s Equity portfolio managers and teams globally, including relative value fundamental and merger arb/event equities strategies. He shares responsibility along with the rest of the senior management team for Portfolio Manager selection, capital allocation, evaluation of transactions and risk exceptions, and management of the global firm-wide equity aggregated risk. Prior to joining Millennium, Mr. Santoro spent seven years at Morgan Stanley, most recently as Global Head of Equity Trading, where he was responsible for leading the equity business with a team of over 200 traders. Prior to this role Mr. Santoro served as the Head of Equities Trading for the Americas. Before joining Morgan Stanley, Mr. Santoro held various trading and leadership roles at Citadel, Citi and Knight Trading Group across equities, equity derivatives, execution services, electronic trading and statistical arbitrage. He began his career at Swiss Bank Corporation where he held a number of positions around the globe trading currency options. Mr. Santoro received his BS in Civil Engineering from the Massachusetts Institute of Technology.
Global Head of Capital Development and Investor Relations
Mr. Novogratz is responsible for managing the Capital Development and Investor Relations Department with a primary focus on building and developing new and current investor relationships for Millennium. Mr. Novogratz worked at Fortress Investment Group for almost six years before joining Millennium, most recently as Managing Director and Head of Capital Formation International in London. He was successful in building out Fortress’ presence and establishing strong partnerships in Europe, the Middle East, and Asia, as well as North America. Prior to joining Fortress, he held various positions at Applied Development, Scient and Goldman Sachs Asset Management. He graduated from the College of William & Mary with a BA in Economics.
Co-Head of Fixed Income & Commodities
Mr. Tsesarsky joins Millennium with over 30 years of prior experience in trading and risk management in Fixed Income markets. He has responsibility for the daily oversight and management of Millennium’s commodities and fixed income portfolio managers. Mr. Tsesarsky was previously the Global Head of Securitized Markets at Citigroup, Inc., where he was overseeing the global securitized markets business as both head and a co-head since 1996. Previously, he held several trading roles in agency pass-through securities and options. Mr. Tsesarsky began his career with Salomon Brothers as an intern in 1985 and later joined full-time in 1986. He received his BS in Engineering from the Colorado School of Mines and his MBA from the University of California-Los Angeles (UCLA).
Chief Information Officer
Mr. Torgovnik is Chief Information Officer. Mr. Torgovnik is responsible for the Firm’s technology infrastructure, operations and middle office functions. Prior to joining Millennium, he was at Bank of America where he was most recently Managing Director and CIO of the Consumer Technology & Operations, Home Loans & Insurance Technology Group, overseeing the largest technology infrastructure within the bank. In addition, he previously held various CIO positions within both the investment and commercial bank. In 2006, he was recognized as the Capital Markets CIO of the Year by Bankers Magazine. From 1992-2001, Mr. Torgovnik was with JP Morgan in a variety of technology roles within their Fixed Income Derivatives business including Global Head of Fixed Income Derivatives Technology and Founder and President of a JP Morgan derivatives technology spin-out. He holds an MS in Computer Science from Columbia University and a BS in Math and Computer Science from New York University.
Regulatory and Compliance Advisory Council
In early 2010, Millennium became the first firm in the alternative investment industry to establish an advisory council focused on the evolving global regulatory landscape.
We sought to add an external perspective to help Senior Management and our well-developed in-house legal and compliance team “see the forest for the trees.” It is important to us that we ensure the Firm’s continued ability to anticipate and navigate the most critical regulatory challenges facing our business and adapt our policies and procedures in accordance with the best practices in the broader financial services industry.
The Regulatory and Compliance Advisory Council includes a diverse group of renowned experts that interact with members of the Firm’s senior management team on a regular basis. This is an invaluable resource for the Firm to leverage as it navigates a dynamic and multi-jurisdictional regulatory environment.
Sir Howard Davies
Former Executive Chairman of the UK Financial Services Authority (now Financial Conduct Authority) and former Director of the London School of Economics and Political Science
Sir Howard Davies is a Chair of the British Government's Airport Policy Review and of Phoenix Insurance Group. He also is a Professor of Practice at the French School of Political Science in Paris (Sciences Po). He was the Director of the London School of Economics and Political Science from 2003 until May 2011. Prior to this appointment he was chairman of the UK Financial Services Authority from 1997 to 2003.
From 1995 to 1997 he was Deputy Governor of the Bank of England, after three years as the Director General of the Confederation of British Industry. Earlier in his career he worked in the Foreign and Commonwealth Office, the Treasury, McKinsey and Co, where he spent five years, and as Controller of the Audit Commission.
He has been an independent Director of Morgan Stanley Inc. since 2004, and chairs the Risk Committee. He also chairs the Risk Committee at Prudential PLC, whose board he joined in 2010. He has also been a member of the International Advisory Council of the China Banking Regulatory Commission since 2003 and, from 2012, is Chairman of the International Advisory Council of the China Securities Regulatory Commission.
In 2006 he edited and introduced The Chancellor's Tales (Polity Press) on British economic policy from 1975 to 2000. In 2008 he jointly authored Global Financial Regulation: The Essential Guide (Polity Press) with David Green. Banking on the Future: The Fall and Rise of Central Banking, on central banks, also by Davies and Green, was published in April 2010 by Princeton University Press. His latest book, ‘The Financial Crisis: Who is to Blame?’ was published by Polity Press in July 2010.
Former Federal District Court Judge and Former Director of the FBI
Louis J. Freeh is a Managing Partner at Freeh Sporkin Sullivan, LLP and Chairman of Freeh Group International Solutions, LLC, a consulting firm. Prior to that Mr. Freeh was a Partner at Pepper Hamilton LLP. Mr. Freeh previously served as Vice Chairman, General Counsel, Corporate Secretary and Ethics Officer to MBNA Corporation, a bank holding company. He served as Director of the FBI from 1993 to 2001 and previously as a U.S. District Judge, Assistant U.S. Attorney and FBI Special Agent. Mr. Freeh also served as a U.S. JAG Corps Army Officer. He has served as court-appointed monitor for Daimler AG, and as the Chapter 11 Bankruptcy Trustee for MF Global Holdings Ltd. Mr. Freeh is also a past board member of the U.S. Naval Academy Foundation.
Former Commissioner of the SEC and Professor at Stanford University School of Law
Joseph A. Grundfest is the William A. Franke Professor of Law and Business at Stanford Law School and co-director of the Rock Center on Corporate Governance at Stanford University. He joined Stanford’s faculty in 1990 after having served for more than four years as a Commissioner of the United States Securities and Exchange Commission. Professor Grundfest is founder and director of Directors’ College at Stanford Law School, and principal investigator for Stanford Law School’s Securities Litigation Clearinghouse.
He has served on the New York Stock Exchange’s Legal Advisory Board, on the NASDAQ Legal Advisory Committee, on a rules committee of the United States District Court for the Northern District of California, on the SEC’s Advisory Committee on Improvements to Financial Reporting, and has been elected to membership in the American Law Institute. He is a director of KKR & Co. LP, where he is Chairman of the Audit Committee, and is co-founder and a director of Financial Engines, Inc.
Professor Grundfest has been selected as a National Fellow by the Hoover Institution, has been awarded a John M. Olin Faculty Fellowship, and is an Adjunct Scholar of the American Enterprise Institute. Professor Grundfest holds a bachelor’s degree in economics from Yale University and completed the M.Sc. program in mathematical economics and econometrics at the London School of Economics; his law degree is from Stanford University.
Former Commissioner of the SEC and retired Partner of Gibson, Dunn & Crutcher
Mrs. Aulana L. Peters is a Director, member of the Audit Review Committee, and a member of the Corporate Governance Committee at Deere & Company. She previously served as a Partner of Gibson, Dunn & Crutcher LLP from 1980 to 1984 and also from 1988 to 2000. Mrs. Peters accepted an appointment as Commissioner of the Securities and Exchange Commission in 1984, where she served until 1988.
Mrs. Peters has been a Trustee of Mayo Clinic Rochester since 2007. She has been a Director of 3M Co. since 1990, Deere & Co. since August 2002 and Northrop Grumman Corp, since 1992. She also serves as a Director of 3M Precision Optics, Inc., 3M Cardiovascular Devices, Inc., 3M Health Care Ltd. and Minnesota Mining & Manufacturing Company as well as Callaway Golf Company. She has been a Director of 3M Canada Company since 1990. She serves as a member of the Board of Directors of Community Television for Southern California (KCET). She has been a Director of 3M Hong Kong Ltd. since 1990. She has been a Director of John Deere Credit Company, a subsidiary of Deere & Co since 2002. She has been a Director of Merrill Lynch Canada Finance Company since 1994. She serves as a Director of BofA Merrill Lynch International & Co Cv and has been Director at BofA Merrill Lynch since 1994. She also served as a Director at Titan II Inc. Mrs. Peters served as a Director of Mobil Corporation since 1992. Mrs. Peters served as Director of BofA Merrill Lynch (formerly Merrill Lynch & Co., Inc.), a General Partner of BofA Merrill Lynch funds in fund complex and BofA Merrill Lynch Trusts since 1994. She serves as a Member of U.S. Comptroller General’s Accountability Advisory Panel.
Mrs. Peters was a Member of the Steering Committee for the Financial Accounting Standards Board’s Financial Reporting Project. She served as a Member of the Public Oversight Board of the American Institute of Certified Public Accountants from January 1, 2001, to March 31, 2002 and was a Member of the POB’s Blue Ribbon Council on Audit Effectiveness.
Mrs. Peters holds an undergraduate degree in psychology from the College of New Rochelle, New York, and a Juris doctorate from the University of Southern California.
Former Chairman of the SEC
Harvey L. Pitt is the Chief Executive Officer of the Global business consulting firm, Kalorama Partners, LLC, and its law firm affiliate, Kalorama Legal Services, PLLC. Prior to founding the two Kalorama firms, Mr. Pitt served as the twenty-sixth Chairman of the United States Securities and Exchange Commission. In that role, from 2001 until 2003, Mr. Pitt was responsible, among other things, for overseeing the SEC’s response to the market disruptions resulting from the terrorist attacks of 9/11, for creating the SEC’s “real time enforcement” program, and for leading the Commission’s adoption of dozens of rules in response to the corporate and accounting crises generated by the excesses of the 1990s.
For nearly a quarter of a century before becoming the SEC’s Chairman, Mr. Pitt was a senior corporate partner in the international law firm, Fried, Frank, Harris, Shriver & Jacobson. He was a founding trustee and the first President of the SEC Historical Society, and participates in a wide variety of bar and continuing legal education activities to further public consideration of significant corporate and securities law issues. Mr. Pitt served as an Adjunct Professor of Law at Georgetown University Law Center (1975-84), George Washington University Law School (1974-82), the University of Pennsylvania School of Law (1983-84), and the Yale Law School (2007).
Former Chairman Pitt served previously with the SEC, from 1968 until 1978, including three years as the Commission’s General Counsel (1975-78). Mr. Pitt is currently a Director of GWU Medical Faculty Associates, Inc., a §501 (c)(3) corporation that provides comprehensive medical care to residents of the greater Washington, D.C. metropolitan area, and serves on its Audit Committee. He is a member of the global Advisory Forum of the CQS Hedge Fund and also serves on the Board of Directors to the offshore funds of Paulson & Co., and its affiliates. He is a member of the Board of Directors of Premier Alliance Group, Inc., and serves on the Audit Committee of the U.S Dream Academy, Inc., a §501(c)(3) nonprofit organization. He previously served for three years on the National Cathedral School’s Board of Trustees, where he was at various times Board Vice-Chair, Co-Chair of the Board’s Governance Committee and Chair of the Audit and Compensation Committees. Mr. Pitt previously served as a Director of Approva Corporation, and was a member of its Audit Committee.
Former Chairman Pitt received a J.D. degree from St. John’s University School of Law (1968), and his B.A. from the City University of New York (Brooklyn College) (1965). He was awarded an honorary LL.D. by St. John’s University in June 2002, and was given the Brooklyn College President’s Medal of Distinction in 2003.
Former Director of the SEC Division of Enforcement, Former General Counsel of the CIA and Former Federal District Court Judge
U.S. District Court Judge (Retired). Stanley Sporkin was at the SEC for twenty years, the last seven as its Director of the Division of Enforcement. He spent five years as General Counsel of the CIA and fourteen years as a U.S. District Court Judge. Upon retirement from the Bench, Judge Sporkin spent six years as a Partner with the international law firm of Weil, Gotshal & Manges. Judge Sporkin is also a Certified Public Accountant (inactive).
He has received numerous awards including the Rockefeller Award and the SEC William O. Douglas Award. In 1979, he was the recipient of the President’s Award for Distinguished Federal Civilian Service, the highest honor that can be granted to a member of the Federal career service. Judge Sporkin presently practices law in the District of Columbia. In his practice he consults on corporate governance matters and acts as an arbitrator and mediator. He also serves as the Ombudsman for BP America, Inc.
Judge Sporkin is a graduate of Pennsylvania State University and obtained his law degree from Yale University.
Former Chief Investment Counsel to TIAA-CREF
Peter C. Clapman was the Senior Vice President & Chief Investment Counsel for TIAA-CREF for 32 years until his retirement in 2005. He also headed its corporate governance program. Mr. Clapman is currently active in many organizations concerned with corporate governance. He is a member of the Stanford Law School Institutional Investor Forum, and is a speaker at its Directors and Fiduciary Colleges. He is on the advisory boards of the Columbia Millstein Center and the University of Delaware governance center. He served on the NY State Comptroller Pension Fund Task Force and was previously on committees of the NYSE, NASDAQ and the London Stock Exchange. He is a board member and former Chair of the IRRC Institute.
He is a Senior Advisor of CamberView, which advises managements and boards of public companies concerning their relationships with institutional investors. He is a partner of Governance for Owners LLP, a UK based investment organization offering global investment and governance services, and its Chairman and President in the U.S.
Mr. Clapman was also on the Board of iPass, a NASDAQ-listed company, where he Chaired the Governance Committee and served on the Audit Committee.
He was on the Board of the National Association of Corporate Directors, which represents independent directors and issues “best practice” reports on key corporate governance issues.
He was the Independent Chairman of the AARP Mutual Funds Board of Trustees. He is the Vice Chairman of the Conference of (Mutual) Fund Leaders.
The International Corporate Governance Network (ICGN) gave Mr. Clapman the ICGN 2005 Award for his significant achievements in improving global corporate governance standards. He also received the Lifetime Achievement Award for Corporate Governance from Corporate Secretary Magazine in 2010. He is a graduate of Princeton University, and earned the J.D. degree from Harvard Law School. He was elected a member of the American Law Institute (ALI) in 1993.
- Multi-Strategy Category, Nominee - 2014
- Best Long-Term Performance Over 10 Years, Nominee - 2014
- Best Long-Term Performer Over 5 Years, Winner - 2013
- Multi-Strategy Category, Nominee - 2013
- Best Long-Term Performance Over 10 Years, Nominee - 2013
- Best Long-Term Performance Over 5 Years, Nominee - 2012
- Multi-Strategy Category, Nominee - 2011
- Best Long-Term Performance Over 10 Years, Nominee - 2011
- Multi-Strategy Category, Nominee - 2010
- Long-Term Performance, Final Nominee - 2009
- Multi-Strategy Hedge Fund of the Year, Final Nominee - 2009
- Multi-Strategy Hedge Fund of the Year, Final Nominee - 2008
- Long-Term Performance, Winner - 2008
- Best Long-Term Performer Over 10 Years, Winner - 2008
- Long-Term Performance, Final Nominee - 2007
- Multi-Strategy Category, Nominee - 2006
- Multi-Strategy Category, Nominee - 2005
- Institutional Hedge Fund of the Year, Nominee - 2016
- Multi-Strategy Hedge Fund of the Year, Nominee - 2016
- Multi-Strategy Hedge Fund of the Year, Winner - 2012
- Lifetime Achievement Award, Israel Englander - 2012
- Multi-Strategy Hedge Fund of the Year, Winner - 2011
- Multi-Strategy Hedge Fund of the Year, Final Nominee - 2010
- Multi-Strategy Hedge Fund over $1B - Winner - 2018
- Multi-Strategy Hedge Fund (3 Years) - Winner - 2017
- Multi-Strategy Hedge Fund over $1B - Nominee - 2017
- Long-Term Performance (5 years) over $1B - Nominee - 2017
- Multi-Strategy Hedge Fund over $1B - Winner - 2016
- Long-Term Performance (5 years) over $1B - Nominee - 2016
- Multi-Strategy Hedge Fund - Winner - 2015
- Management Firm of the Year - Nominee - 2014
- Multi-Strategy Hedge Fund over $1B - Nominee - 2014
- Management Firm of the Year - Winner - 2013
- Multi-Strategy Hedge Fund over $1B - Final Nominee - 2012
- Special Industry Contribution - Israel Englander - 2010
- Multi-Strategy Hedge Fund over $1B - Winner - 2010
- Multi-Strategy Hedge Fund over $1B - Winner - 2009
- Lifetime Achievement Award, Israel Englander - 2015
- Best Multi-Strategy Hedge Fund - 2015
- Best Non-Directional Hedge Fund Over 10 Years - Ceremony - 2014
- Hedge Fund of the Year - Ceremony - 2014
- Best Multi-Strategy Hedge Fund - Ceremony - 2014
- Best Non-Directional Hedge Fund Over 10 Years, Commended - 2012
- Best Multi-Strategy Hedge Fund, Commended - 2012