Posted on Jan 9, 2022 9:30 AM
Converted into a strong financial center, 22 rue Bayard will no longer issue information or programs on current affairs, but orders on financial markets all over the planet. One of the largest American hedge funds, Millennium, will settle in Paris in the former premises of the radio station RTL. The building, which will welcome its traders from the second quarter, was partly rebuilt and completed a year ago.
The twenty or so Millennium employees already present in Paris will join these new premises in the second quarter. The workforce could eventually be multiplied by 5, according to the Bloomberg agency. With a team of 100 people, this hedge fund, which manages more than $ 57 billion worldwide (compared to $ 35 million when it started in 1989) would then be number 1 for foreign funds in the French capital.
Millennium has not left the City, second place in the world for hedge funds after New York. The fund still employs nearly 500 people in London and just under 3,000 globally, most of them in the United States.
Last year, Millennium’s diversified multi-strategy fund gained 13.5% compared to twice as much (26.3%) for its big rival, the Wellington fund of Citadel, founded by Ken Griffin. Multi-strategy funds allocate capital to their different teams of traders (stocks, bonds, currencies, commodities, etc.) according to market opportunities.
71st American fortune
Thanks to the good performance of his hedge fund, in which he is invested, Israel Englander saw his personal fortune jump by 3.3 billion dollars, reaching 10.5 billion dollars according to the magazine “Forbes”. The chairman and managing director of the fund can be found on 71e rank of American billionaires. All the traders in the City of London dream of leaving their banks to work at “Izzy Englander” or in hedge funds like Brevan Howard by Alan Howard. But the selection is very tough and once hired, a trader who does not generate significant performance within six to twelve months is unlikely to keep his job.
