Millennium Management, one of the world’s largest multi-strategy hedge fund firms, is investing nearly $3.3bn in two newly formed trading teams as part of its aggressive push to expand its portfolio of internal and external talent, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that Hong Kong-based macro trader Robert Tau has been allocated $1.5bn to manage his own trading operation exclusively for Millennium, while former Marshall Wace portfolio manager Daniel Engel-Hall will receive $1.75bn to lead an equity long-short team under Millennium’s Andora Partners brand.
A spokeswoman for Millennium declined to comment on the allocations, and neither Tau nor Engel-Hall could be reached for immediate comment.
The allocations follow Millennium’s decision in November to invest $1bn in Scopia Capital Management in New York and allocate $800m to new hires Chris Tuzzo and Warren Empey, both formerly of Kepos Capital. In Asia, the firm recruited Ramesh Karthigesu, a Marshall Wace alumnus, who will join Millennium next year after closing his own fund.
Tau, who previously held senior roles at Goldman Sachs, BFAM Partners, and Balyasny Asset Management, brings significant experience in macro trading. BFAM Partners, which managed about $5bn at its peak, gained early success before facing challenges during China’s property bond crisis. Engel-Hall, based in New York, spent eight years at London-based Marshall Wace before transitioning to Millennium.
Millennium has doubled its assets under management over the past six years, reaching $70bn and now employs more than 330 investment teams globally. The firm achieved a 12.5% return in the first 11 months of 2024, even amid volatile market conditions.
