Hedge fund Millennium's London employees are earning less, again
Millennium Management, the multistrategy hedge fund with $79bn of assets under management, has a reputation for paying well. But in London it is now paying less.
Accounts just released for Millennium Capital Partners LLP and Millennium Capital Management Ltd for the year ending December 2024 reveal that both Millennium's partners and its mere employees earned less in London last year than before.
Partners at Millennium received £4.2m ($5.6m) each in profits last year, down from nearly £9m each in 2023. Employees at Millennium Capital Management Ltd. were paid an average of £717k each in wages and salaries, down from £776k each in 2023. In the heady days of 2022, employees at Millennium Capital Management Ltd were on an average of £1.1m.
Times have changed. Millennium generated returns of 12.4% globally in 2022 and of 15% in 2024, but in London profits generated by the partnership before members' pay and profit share went from £337m to £189m over the same period. Turnover was also down, from £1.3bn in 2022, to £800m last year.
Despite all this, Millennium now employs more people in London than before. Headcount at Millennium Capital Management reached 1,123 people last year, up 151 on the year before.
In the notes to its accounts, Millennium said its people are the "the single most important element in determining the success of the business."
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
