Digest opened free editor

Rola Khaleda, FT editor, chooses her favorite stories in this weekly newsletter.

Billionaire Easy Engender explores the opening of the $ 76 billion hedge fund to its senior executives for the first time, in the last step to prepare it for life beyond its founder.

England77, has maintained the only New York -based Millennium ownership of its date for 36 years.

It is still working on how to organize the distribution of shares for its main members, according to the people familiar with the situation.

People added that this step aims to stimulate the best rows of the millennium and give them another way to take advantage of any future success of the company while align their interests with the hedge fund investors.

One of the people said: “Opening the shares will be a huge statement by Ezi.” “It will be a clear sign that he wants to escape the company from it.”

Millennium He refused to comment.

England has not shown any signs that he is planning to decline and is still decisive to make decisions. But over the past few years, it has begun to give the institutional character to a company that some say that some are now similar to the division of a bank investment more than one hedge fund.

“We have not made his sons greater than one person, and he is designed to carry and thrive.”

The company is in Early stage talks With Blackrock about a strategic partnership that can lead to the largest asset manager in the world, he gets a small share of arrows in the millennium.

Since its launch of $ 35 million under management in 1989, England has built the millennium in one of the largest hedge funds in the world, which now runs $ 76 billion in assets, employed 6100 people and removed the average revenue of about 14 percent annually. Investors said he gained 15.1 percent last year and increased by 0.45 percent in January.

Besides Ken Griffin Castle, it is one of the dominant dominant managers companies in what has become the hottest part of the 4.5 trillion global hedge funds.

Instead of relying on one star dealer, Millennium is allocated through 330 investment teams trading basic stocks, arbitration stocks, fixed income, goods and quantitative strategies in liquid markets, all within the framework of narrow risk.

The interests of the hedge fund staff are already compatible with its customers through the investments of employees in its main fund. More than 10 billion dollars in the millennial money belongs to England and its employees.

But in recent years, I have taken a number of steps to further inform the millennium.

The Consultative Council established the guardian. Securing the capital base in the millennium by transferring the vast majority of investors to a five -year stock category; And building the leadership team, especially with a series of upper obstacles from Goldman Sachs. He also changed the conditions so that investors have no special option to recover if something happens to England.

England also changed the fee structure in 2022, so investors must pay the minimum fees regardless of the performance of the fund, and in addition to expenses.

Investors are now paying annual fees of about 1 percent of assets or 20 percent of investment gains, which is something that bankers have described as closer to management fees.

These predictable revenues are easier in models and value than volatile performance fees, and may pave the way for the sale of the minority share in business or the distribution of shares between senior management.

The millennium also moved to securing additional sources of growth. Last year, an additional $ 10 billion assets were raised, considering launching a box that would invest in less liquid assets, including private credit. It will be the first new box since its foundation in more than three decades.