Millennium Management, the multi-strategy hedge fund major led by Izzy Englander, recorded a 2.5% gain in December, bringing its total returns for 2024 to 15%, but short of the S&P 500's 23% gain for the year, according to a report by the Financial Times.

The reports cites unnamed sources familiar with the matter as revealing the performance figures at the firm, which oversees $72.1bn in assets across more than 320 investment teams, employing a variety of trading strategies. Millennium's centralised risk system is designed to mitigate large losses, a hallmark of the multi-manager approach.

Founded in 1989 with just $35m, Millennium has grown into one of the largest players in the $4.5tn hedge fund industry. Englander remains the sole owner of the firm, which, alongside Ken Griffin’s Citadel, has spearheaded the rapid growth of multi-manager hedge funds.

Millennium declined to comment on the year’s performance.