Multi-strategy hedge fund major Millennium Management is seeking to expand its footprint in India by establishing a local investment-management operation, according to a report by Bloomberg citing unnamed people familiar with the matter.
The $87bn firm, founded by Izzy Englander, is reportedly pursuing registration for a new entity with the Securities and Exchange Board of India (SEBI), the country’s capital markets regulator.
Sources said the proposed structure would enable the New York-headquartered manager to hire investment professionals directly in India and develop an onshore trading and portfolio-management capability. The move would mark a significant evolution in Millennium’s presence in the market, which has historically centred on technology, research and support functions.
Millennium already maintains offices in Mumbai and Bengaluru and employs several hundred staff across a range of operational and research roles.
The firm’s latest initiative reflects growing interest among global alternative asset managers in India’s expanding financial ecosystem. Despite periods of foreign capital outflows from Indian equities this year, international investment firms continue to view the country as a strategic growth market, supported by deep pools of quantitative, technology and investment talent.
A number of hedge funds and asset managers have increased their commitments to India in recent years, with firms seeking not only operational support capabilities but also local investment expertise and trading infrastructure.
Industry peers including DE Shaw and Point72 have also broadened their activities in the country as competition for skilled investment professionals intensifies.
Millennium reportedly declined to comment on the plans.
