Millennium Management founder Israel Englander is considered one of the legends of the hedge fund industry, but he is not a portfolio manager. Rather, Englander serves as a high-level talent scout, hunting for traders who can consistently make money using the firm’s preferred arbitrage strategies. Portfolio managers at Millennium enjoy a large degree of autonomy, managing positions without strict oversight from Englander. But Englander is also quick to cut traders whose returns are no longer meeting the firm’s rigorous standards. This approach has worked for Millennium, which has produced…
