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Hedge fund Millennium has a swanky new London office

Millennium, the New-York based global hedge fund, has moved into its new London office this week.

The move takes it a whopping 0.4 miles from its old digs on Berkley Street to what Bloomberg says was previously KPMG's private member's club on Grosvenor Street. The club was in a five-story converted townhouse in Mayfair and was a place where “KPMG hosts” wooed the Big Four firm’s clients.

The premises is said to be around 40,000 square feet which, using a widely accepted rule of thumb, indicates a London presence of up to 400 people. However, Millennium employed 566 people in 2021 in London according to Companies House, suggesting there are plenty of people who are working from home.

Headcount in the fund’s EMEA presence has increased six-fold over the last decade, head of EMEA business development Steve Keller said in a social media post, driven by office openings in France, Switzerland, Israel, Ireland, and the UAE.

Millennium pays handsomely – its London compensation averaged out to around $1m per head, and partners at the office made an average of £13m ($15.6m).

This summer, the fund poached a senior equities portfolio manager, Pierre Negre, from Balyasny. He brought along Alessandro Cantarutti from Balyasny to join his “pod”.

Negre’s title of “senior portfolio manager” is a new one - created only just this year, in fact – and exist to manage groups of portfolio managers.

Millennium has 15 offices in ten countries across the globe, including five in the United States and two in Switzerland. The London office, which is headed up by Martin Pabari, is its flagship EMEA presence.

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AUTHORZeno Toulon

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