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I hear that culture is intense. Izzy likes all of the traders to be independent and not to talk to each other about trade ideas. Also, they fire traders pretty quickly if they lose money.
read the comments here http://dealbreaker.com/2008/12/rumor-of-the-day-kinda-makes-you-wonder/
Millennium (Originally Posted: 03/03/2011)
Any work or have worked at Millennium before? What's the culture like? Fun place to work? etc
Thanks
Knoiw someone that used to work there. Traders/PMs are on a much shorter leash than other funds - a couple down months and you're out...
I think Izzy Englander kind of views it as a hedge fund of funds from his perspective. There are DOZENS of teams that trade every imaginable strategy and the comp structure is very generous. However, as newbie mentioned above, they won't keep you on the roster very long if you can't produce results.
Turnover is very high given the short leash.
Millennium Management is pretty intense. I wouldn't say fun, but I wouldn't say any hedge fund jobs are actually FUN. It's a great place to build your investing skills is what I've heard. Here is a plethora of research about their strategies and important events.
http://www.hedgetracker.com/fund/Millennium-Management
Any insights on Millennium (from a current or former employee) would be helpful. Millennium's reputation and returns speak for themselves, but would be curious if anyone at one of their funds could comment on the experience.
Anyone know how many people/how big the greenwich office is?
bump. Interested to have an updated view on this. Thanks.
Got an interview through headhunter, didn’t move into later rounds. My experience was as follows: First is the phone interview with the business development and PM. 45 minutes to an hour to go through your resume and any questions the PM has for you. My resume had precedent Ideas that contributed to PnL so went over those names on the long and short side. Then moved on to biggest misses. Then the PM asked to walk him through my investment process, from idea generation to position maintenance and due diligence. I didn’t have to pitch a new name over the phone.
If the PM likes you and feels like your process is a good fit for his pod, he will schedule you to go in and meet the rest of his team and go through an in -person grilling. Be prepared to back up your research. This is where the team looks for flaws in your logic and analysis. A pitch will be needed as this will be the core discussion during the second round. The business development personnel will also go through your existing coverage list and assess what investment “level” you are currently at in terms of the breadth and depth of your coverage.
The later stages are with millennium mid management to screen non-investment related attributes.
Each team is slightly different so the process may vary depending on what they are looking for.
Advice: Stay cool.
I interviewed and worked at a multi-manager before quiting and switching over to a distressed hedge fund.
Interviews usually start with a behavioral interview with a recruiter / business development person over the phone. Once they hear your background and why you are interested in working there, then they will see if there are any PMs that are looking for someone with your background.
Analysts come from all different backgrounds at multi-managers. Some from banking, sellside research, other hedge funds, etc, so really depends on what type of person a PM is looking for.
Once you pass the first step and the PM likes what he hears, then he will interview you. There could be a three statement modeling test along the way as well. Then if you continue, you will be given a case study that you work on for a week. You meet again to present the case study. References, then offer. It is really that straightforward.
Harder to break into if you don't have prior experience working at a multi-manager.
I have written a ton about my experience working at a multi-manager, it is not as glamourous as people make it seem. See below if interested:
* Why I Quit a $500K Per Year Job
* The Basics of Working at a Multi-Manager Hedge Fund
* Life on the Buyside at a Multi-Manager Hedge Fund
Hi BuysideHustle, thanks for this. I have a few questions:
1) I will be recruiting from a top MBA program. My previous finance experience is generalist, I am OK with working in any sector (within equity L/S), and I just want to maximize my chances of working for a decent PM. It seems like most PMs at multi-managers want someone with familiarity with certain specific sectors though... is it going to be difficult for me to get picked by a PM, and what is the best way for me to try to break in?
2) Given that the investment approach at a multi manager is very different from that of a longer-term fund, at multi manager interviews, should I be pitching ideas that fit into how they look at things (i.e. focusing on why the company will beat/miss consensus estimates) as opposed to the regular stock pitch where you talk about the company's moats, intrinsic valuation, etc.? Does my pitch need to be in the sector(s) that the PM looks at?
3) What happens for the References process? Do they call up supervisors at your last 2-3 firms to ask how well you did there?
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