Millennium Loses $900 Million on Strategy Roiled by Market Chaos

Millennium Management lost about $900 million so far this year from two teams focused on index rebalancing, a strategy recently upended by global stock market volatility, according to people familiar with the matter.

Glen Scheinberg runs the larger of the two index-rebalancing teams, a group known as SRBL, while Dubai-based Pratik Madhvani manages the other crew focused on the strategy, the people said. A representative for Millennium declined to comment.