Multi-strat major Millennium is looking to steal a march on its rivals in the ongoing hedge fund recruitment war, by ramping up its internship programme to allow it to grow and develop more talent in-house, according to a report by eFinancial Careers.
Most of the $58bn firm’s interns assume infrastructure and technology roles, with 100 appointments being made in those areas this year, twice the number taken on by the firm in 2019.
The report cites recent salary disclosures as revealing that quant developer interns at Millennium in New York earn $150k pro rata, with the firm also now offering tech and infrastructure internships in Miami, London, Dublin, Tel Aviv, Hong Kong, Singapore and Tokyo, with plans to expand the programme to Bangalore in 2024.
Starting next year, Millennium is also planning to offer a new 12-week internship for masters level students in a quantitative or mathematical discipline. Successful applicants will join the firm’s investment teams as quantitative researchers in New York, London and Hong Kong, and will receive classroom training in financial markets and technical skills.