Since 2008, Millennium Management’s assets have fallen from $13 billion to $7 billion. Given the shrinkage, one might attribute the departures of a whole bunch of portfolio managers to a cost-cutting initiative on the fund’s part. Such is not the case says people “familiar with” the firm’s thinking. Everything is just peachy over there, none of this has anything to do with a shrinking asset base, and if you must know, despite the fact that several of the former employees’ exits appear to be voluntary in nature (Matthew Karchmer, for instance, “left last month for a job as a portfolio manager at D.E. Shaw”), Millennium will have you know the so-called cuts were apparently founder Izzy Englander taking a hard line with some bum staffers.
The decision to cut a portfolio manager is based only upon his or her performance, said a person familiar with Englander’s thinking. “If you’re not performing, you’re gone,” he said. “You perform, you stay.”
In other news, there was no correlation to shrinking population of Hiroshima and Nagasaki after dropping of atom bomb.
you tell ‘em, Izz
I’d trust him on his word, the exits don’t have anything to do with shrinking assets. I’da thought it had more to do with regulatory crackdown instead.
Perform and you can stay? Its a wonder why there are any PMs still there.
he hires and fires very quickly, which is a warning for anyone joininghim
in asia he turns them over even quicker
I worked at this dump (left on my own will in Nov of last year) and I can honestly say it is one of the worst run organizations I’ve ever encountered in my life. They also lost the assets because they don’t know how to make money