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March 2, 2024
PI Global Investments
Hedge Funds

Hedge fund Millennium’s new partners include a 35-year-old ex-Goldman Sachs MD

Millennium Management, the massive multistrategy hedge fund, doesn’t usually have partners. In most places in the world, the highest you can go as an investment professional there is senior portfolio manager. But if you’re in London at Millennium, there’s a partnership. And some of the most treasured persons at Millennium Capital Partners LLP have just been promoted. 

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The seven new partners are listed in a new regulatory filing. They are: Dan Avery, Damien Fisher, Marco Silvestri, Zhenhai Li, Dale Gibbard, Damien Mccaughley and Alexei Melnikov.

Goldman Sachs traders may not be surprised to see 35 year-old Avery on the list. An Oxford University mathematics graduate, Avery was promoted to MD at Goldman aged 28 in 2015.  He joined Millennium in October 2020. He’s an index trader. 

Fisher joined Millennium in 2022 according to the FCA register, and previously worked for BlackRock and elsewhere. Silvestri has been there since 2014 and once worked for UBS. Li is a quant who came from Oxford Asset Management in 2020. Gibbard came from Citadel in 2020 and trades natural gas. Mccaughley came from Deutsche in 2019. Melnikov is an emerging markets equities portfolio manager who joined in 2014 and who began his career at Citi in London.

Making partner at Millennium matters. In 2022, Millennium’s London partners were paid a total of £224m in salaries and bonuses, with another £114m of profits available to distribute between them if the partnership saw fit. Millennium had 14 partners, so the implication is that they could have earned £24m each in 2022, although the firm’s accounts say the average profit per partner was the merest £8m. The highest paid partner received £65m for 2022, but this was likely to have been a corporate entity.

Millennium declined to comment, as did Avery. 

In 2015, Avery was listed on Forbes’ 30 under 30 list when he was a youthful 29-year-old. Unlike some of Forbes’ dud choices for this list, he seems to have been a strong candidate. 

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