Bloomberg Billionaires Index

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# 348 Izzy Englander $5.52B

Random fact: Helped fund art exhibitions at MoMA and the Guggenheim.

Overview

Englander is the founder, chief executive officer and owner of Millennium Management, a multi-strategy hedge fund. The New York-based company manages assets of $39.2 billion, as of August 2019. It aims for daily incremental returns and invests across of a range of mainly liquid asset classes.

As of :
Last change +$3.90M ( +0.1%)
YTD change +$465M ( +9.2%)
Industry Finance
Biggest asset Hedge fund assets
Citizenship United States
Age 71
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Izzy Englander's net worth of $5.52B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Englander's fortune derives from Millennium Management, a hedge fund with $39.2 billion in assets as of Aug. 1, 2019, according to the company's website.

The value of Englander's hedge fund assets are based on an August 2019 Form ADV that says insider's control about 13% of Millennium's assets. Englander is credited with 100 percent of insider assets, based on the filing. 

The business is valued against the price-to-assets under management of three publicly traded hedge funds: Oak Tree, Janus Henderson and Man Group. Englander's assets are deducted from Millennium's AUM for valuation purposes and a 25 percent key-man risk is applied.

Englander declined to comment on his net worth through an e-mail from spokesman Tripp Kyle.

Biography

Birthdate: 9/30/1948
Family: Married, No children
Education: New York University

Englander was born to Orthodox Jewish parents in Brooklyn, New York, in 1948. Growing up, he attended yeshiva, a traditional religious study school, before earning a degree in finance from New York University in 1970.

After graduation, Englander got a trading job at Kaufmann Alsberg & Co. while enrolled in NYU's MBA program. He liked the job so much he decided to drop out of graduate school, according to a 2005 Fortune profile.

Englander became a floor broker at the American Stock Exchange in 1976. There he met fellow trader John Mulheren, and the pair formed a firm called Jamie Securities in 1984. After Mulheren was implicated in an insider trading plot, Englander set out on his own. He founded Millennium Partners in 1989 with $35 million in capital, according to the hedge fund's website. Today, the firm manages more than $39 billion in assets under the name Millennium Management.

Millennium came under investigation by the Securities and Exchange Commission for its method of trading mutual fund shares in 2003. It agreed to a $180 million settlement in 2005. Englander was personally fined $30 million, though he was not forced to resign as head of the fund, according to the New York Times in a Dec. 2, 2005 story. The firm did not admit wrongdoing as a term of the agreement.

The billionaire lives in New York with his family.

Milestones
  • 1948 Englander is born in Brooklyn.
  • 1970 Earns a finance degree at New York University.
  • 1976 Takes a job as a floor broker at the American Stock Exchange.
  • 1984 Forms Jamie Securities with John Mulheren.
  • 1989 Founds Millennium Partners with $35 million.
  • 2003 Millennium comes under investigation by the SEC.
  • 2005 Firm agrees to a $180 million settlement.
  • 2015 Is one of the five highest-paid hedge fund managers.