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B. G., Opalesque Geneva:

Izzy Englander, the owner of hedge fund Millennium Management, tells people he never plans to retire, but he has also emphasised Millennium's transition into a firm with shared leadership, reported The Financial Times.

The 75-year-old financier launched the New York-based firm in 1989 with $35m. The firm now manages $60bn in assets, with 5,400 employees in 17 offices worldwide, and average returns of about 14% p.a. (it is up 8.3% YTD). He still owns 100% of the firm.

After the abrupt leaving last year of Bobby Jain, Englander's first co-CIO and seen by some as the likely successor of Englander, the latter had grown uncomfortable with the idea of one person replacing him, the paper reports. Jain plans to launch his own hedge fund Jain Global. Another heir apparent, Michael Gelband, who successfully ran the firm's fixed-income business, left in 2017 following a dispute with Englander. Gelband later launched a new fund called ExodusPoint Capital.

"Unlike the private equity industry, where some of the giants have moved to a younger generation of leadership, several of the world's largest hedge funds are still grappling with how to evolve from their dominant founders," Thomas Raber, founder of alternative advisory and placement firm Alvine Capital, told the paper. They include Mill......................

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