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Millennium Partners Hedge Fund

Millennium Partners & Israel Englander

Millennium Partners Hedge FundThe following piece on Millennium Partners is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.


Resource #1 (6.22.09) Millennium Management veteran Peter Lupoff has founded his own hedge fund firm and plans to launch its maiden offering in August with $100 million.

Lupoff has left Millennium to set up San Francisco-based Tiburon Capital Management, Bloomberg News reports. The new firm will focus on Lupoff’s speciality, distressed debt, investing in companies in or near default, as well as those involved in legal battle, spinoffs or exchange offers. source

Resource #2: (4.1.09) Millennium Management LLC, the hedge fund manager founded by Israel Englander, has hired more than 15 people in Asia since early December, expanding as banks and funds slash jobs, said a person briefed by the company.

Recent hires by the New York-based firm include Singapore- based portfolio managers James Sullivan, David Bijaoui and Thierry Choffel, the person said, asking not to be identified because the information is private. Tripp Kyle, a New York-based external spokesman, declined to comment on behalf of Millennium.

Millennium, which oversees $11.5 billion of assets, is expanding its team as rivals such as Citadel Investment Group LLC, Concordia Advisors LLC, Och-Ziff Capital Management Group LLC, Ramius LLC and Cheyne Capital Management (UK) LLP reduced jobs or closed offices in Asia to control costs and focus on their largest markets.

“Many firms that hired lots of staff last year with bullish expectations have seen assets under management decline and are having to let staff go,” said Mark Williams, a senior analyst at fund of funds manager Alphatraxx (H.K.) Ltd. “It’s a good time for managers with stable or growing assets under management to pick up talent.” source

Resource #3: (2.2.09) New York-based Logik Asset Management recently launched a multi-strategy hedge fund to invest in event driven, merger arbitrage and special purpose acquisition corporations (SPACs).

The Logik Event Fund began trading in September and returned 4% in its first quarter and over 5% in January.

The fund is the brainchild of Douglas Schultz and Daniel Hess, formerly of Soros Fund Management and Millennium Partners, respectively. In early 2007, the pair partnered with Coast Asset Management to manage a portion of an in-house multi-strategy fund. They also managed a dedicated event driven fund for the firm. Last year the two spun off from Coast—with the firm’s blessing, and its backing—to launch their own hedge fund. source

Resource #4: (11.25.08) Millennium Partners LP, the $13.5 billion hedge-fund firm run by Israel Englander, plans to return $1 billion to investors who asked for their cash back by year-end, according to two people familiar with the matter.

The redemptions, equal to 7.4 percent of client assets, would have been higher except the New York-based firm limits redemptions in any quarter, said the people, who asked not to be identified because the information is private. A spokeswoman for Millennium declined to comment.

Millennium lost about 3 percent this year through October, the people said, compared with hedge funds’ average decline of 16 percent, according to data compiled by Hedge Fund Research Inc. Two percentage points of Millennium’s loss were caused by assets frozen in the September bankruptcy of Lehman Brothers Holdings Inc., one of the people said.

“We’re seeing the result of hedge funds’ being subject to the whims of those in asset allocation,” said Adam Sussman, director of research at Tabb Group LLC, a New York-based adviser to financial-services companies. “No fund is immune.” Source

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