Bloomberg Billionaires Index

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#449 Izzy Englander $4.28B

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 New York-based multi-strategy hedge fund. The company manages assets of $35 billion, and invests aiming for daily incremental returns. Englander founded Millennium in 1989 and has had only one losing year -- 2008 -- since then.

As of July 23, 2017:
Last change No change
YTD change +$580M (+15.7%)
Industry Finance
Biggest asset Hedge fund assets
Citizenship United States
Age 68
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Izzy Englander's net worth of $4.28B 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, the hedge fund he founded in 1989 with $35 billion in assets as of June 1, 2017, according to the company's website.

The value of Englander's hedge fund assets are based on the disclosure from Millennium that insider's control 13 percent of its assets, according to a March 2017 Form ADV filed with the U.S. Securities and Exchange Commission. The form states that the firm had asset under management of $34.3 billion a the end of 2016. He is credited with 85 percent of insider assets, based on typical division of insider assets. 

The billionaire owns all of Millennium Management, according to the 2017 Form ADV. The business is valued against the price-to-AUM of publicly traded hedge funds Och-Ziff Management and Man Group. Englander's assets are deducted from Millennium's AUM for valuation purposes and a 25 percent key-man risk is applied.

The executive also owns a stake in Mango Capital Partners outside of the hedge fund, according to a Feb. 22, 2016 press release from Mango disclosing the stake.

Englander declined to comment on his net worth through a May 2017 e-mail from spokesman Tripp Kyle.

Biography

Birthdate: 9/30/1948
Family: Married, No children
Education: 1970, Finance, New York University, Bachelor's Degree

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 $33 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.