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Israel Englander

Israel Englander (born 1948) is an billionaire hedge fund manager and philanthropist who founded the multi-strategy investment firm Millennium Management in 1989 with an initial $35 million in capital. As of November 2025, Englander serves as chairman and of Millennium, which manages approximately $79 billion in through a platform allocating capital to hundreds of independent trading teams. His net worth is estimated at $26.2 billion (, November 2025), primarily derived from the success of his , making him one of the wealthiest individuals in the finance industry. Born in , , to Jewish parents who were immigrants, Englander earned a in from in 1970 but later dropped out of the university's MBA program. He began his career on in 1976 as a floor broker at the American Stock Exchange. In 1984, he co-founded the broker-dealer Jamie Securities with John Mulheren, which specialized in options trading. Englander launched Millennium Management after leaving Jamie, building it into a prominent known for its risk-averse, multi-manager model that emphasizes consistent returns over high-risk bets, generating over $56 billion in investor gains since inception. Under Englander's leadership, has achieved notable success, including ranking among the top-earning hedge funds in 2015 when he was one of the five highest-paid managers in the industry. In November 2025, he sold a 15% stake in the firm to investors, valuing at $14 billion and signaling preparations for potential succession at age 77. However, Englander's career has not been without controversy; in 2005, settled U.S. Securities and Exchange Commission charges related to improper trading practices from 1999–2003, paying $180 million while Englander personally contributed a $30 million fine. He resides in , is married, and has three children. Englander maintains a low public profile but engages in philanthropy primarily through his 138 Foundation, which has directed funds to donor-advised funds and other charitable vehicles, though his giving receives a low score of 1 on ' philanthropy scale.

Early life and education

Family background and upbringing

Israel Englander was born in 1948 in , , to Jewish parents of origin who immigrated to the in 1947 after surviving deportation to a Soviet during and after . His father's family had been decimated by , with most members perishing, which profoundly shaped the family's emphasis on resilience and survival in their new life. Englander's parents, like many post-war Jewish immigrants, settled in a modest household, instilling values of hard work and perseverance amid the challenges of rebuilding in . Raised in the Crown Heights neighborhood of , a vibrant Jewish community, Englander grew up in an environment that emphasized religious observance and education. He attended , a traditional combining with secular learning, which formed the foundation of his early intellectual development. This upbringing in a close-knit, faith-centered family not only reinforced cultural ties to but also exposed him to the entrepreneurial spirit common among immigrant communities, sparking his early interest in and trading during high school.

Academic background

Israel Englander earned a degree in from in 1970. Following his undergraduate studies, Englander enrolled in New York University's Graduate School of Business Administration to pursue an MBA, attending classes in the evenings while working on . He ultimately left the program without completing the degree to focus full-time on his trading career.

Professional career

Early business ventures

After graduating from New York University with a degree in in 1970, Israel Englander joined Kaufmann Alsberg & Co., a firm, where he traded convertible securities, engaged in merger , and traded options in the early years of that market's development. While working there, he enrolled in NYU's MBA program but later dropped out to focus on his trading career. In 1977, at age 29, Englander purchased a seat on the American Stock Exchange and founded I.A. Englander & Co. as a floor brokerage firm specializing in options trading. The firm advised major desks, including those at , and helped build Englander's reputation in the nascent options market. He retains a passive in the business, which continues to operate under successor entities like SRT Securities LLC. Seeking further autonomy, Englander co-founded Jamie Securities Co. in 1984 with John Mulheren Jr., a prominent trader from Merrill Lynch, forming an options and trading firm named after their initials. The partnership dissolved in amid negative publicity from Mulheren's legal troubles related to allegations. These experiences in brokerage and honed Englander's skills in and market-making, setting the stage for his later endeavors.

Millennium Management

Millennium Management, LLC is an American firm founded in 1989 by Israel Englander and Ronald Shear with an initial capital of $35 million. Prior to the firm's establishment, Englander had gained experience as a floor broker, trader, and specialist on the American Stock Exchange, where he owned a specialist operation and served as Chairman of the Specialist Association. In 2005, Millennium settled charges brought by the U.S. Securities and Exchange Commission regarding improper trading practices conducted between 1999 and 2003. The firm agreed to pay $180 million in disgorgement, prejudgment interest, and civil penalties, while Englander personally paid a $30 million civil penalty. The firm operates as a multi-strategy hedge fund, employing a "pod" structure that divides capital among hundreds of autonomous investment teams, each focusing on diverse assets such as equities, fixed income, commodities, and derivatives, often using market-neutral strategies to minimize directional market exposure. This model, which has evolved to include over 330 trading teams as of 2025, emphasizes centralized risk controls, including strict stop-loss limits—for instance, a $50 million loss on a $1 billion allocation halves the team's buying power, with further losses potentially leading to termination. Millennium's approach prioritizes low volatility and consistent returns over high-risk bets, with a high staff turnover rate of 15-20% annually to replace underperforming teams while recruiting talent through competitive compensation. Since inception, has generated approximately $56 billion in investor gains, with only one down year in and no monthly losses exceeding 1% over the past five years as of 2024, achieving a of 2.6 compared to 1.1 for the broader index. In 2024, the firm delivered a % return, outperforming the industry average of 10.2% for the first 11 months. As of November 2025, stand at $79 billion, reflecting significant growth from its origins. The firm's fee structure includes no management fees but 20% of profits, plus pass-through costs, aligning incentives with performance. In a milestone for the 36-year-old firm, Englander sold a 15% minority stake in Millennium's management company in November 2025 to a group of its largest institutional investors via ' Petershill funds, valuing the entity at $14 billion—the first such equity sale in its history. This transaction supports preparations for and introduces a five-year lock-up for new investors.

Recent developments and succession

In November 2025, Israel Englander sold approximately 15% of his ownership stake in Millennium Management to a group comprising long-time clients, senior executives, and select wealthy outsiders, in a transaction valued at up to $2 billion that implied a firm valuation of around $14 billion. The deal, facilitated by Goldman Sachs' Petershill Partners and wealth management platforms from firms including UBS and Morgan Stanley, marked the first time Englander had diluted his control over the hedge fund he founded in 1989. This move was interpreted as a strategic step to diversify ownership and institutionalize key decision-making processes at the $79 billion multi-strategy firm, amid ongoing expansion into private markets, including a $5 billion private equity fund launched in 2024 and a joint venture with quantitative trading firm WorldQuant. The stake sale also underscored preparations for potential transitions, as Englander, now , has repeatedly stated he has no intention of retiring but faces growing investor pressure for clearer plans. In recent years, has bolstered its executive ranks to distribute responsibilities, including the 2024 appointment of four former partners—Justin Gmelich, Paul Russo, Simon King, and Simon Nocera—as co-chief investment officers to oversee the firm's trading teams. Earlier efforts encountered setbacks, with high-profile executives like Michael Gelband departing in 2017 to launch after a reported dispute, and Bobby Jain stepping back in 2022 to found before starting his own firm. Despite these challenges, Englander retains ultimate authority over major strategic decisions, positioning the firm for sustained growth while gradually reducing his personal stake. Financially, 2024 proved exceptionally strong for under Englander's leadership, with the firm generating $4 billion in profits for its founder, making him the highest-earning manager that year according to Bloomberg's rankings. This performance, driven by the firm's multi-manager model and diversified strategies, reinforced its position as one of the world's largest , even as higher interest rates and talent competition added pressures noted in analyses from onward.

Personal life

Family and relationships

Israel Englander was married to Caryl (née Schechter) Englander for over four decades until their was finalized in 2023. The couple's separation, initiated around 2016, involved a contentious legal battle over a 2020 , which Caryl alleged was signed under duress and left her with a minimal share of their joint assets, including an extensive art collection. The was reported to exceed $1 billion, one of the largest in history. Englander and his former wife have three adult children: sons and , and daughter . Englander works as a at Millennium Management, his father's . Englander, who spent nearly 16 years at Millennium, launched his own multi-strategy , Greenland Capital, in 2021 with initial seed capital from family connections. Englander Levin is a specializing in . Following the , Caryl Englander entered a relationship with Dominique Levy, which contributed to the marital breakdown; Englander has not publicly disclosed any subsequent romantic relationships.

Residences and assets

Israel Englander primarily resides in a duplex at in , which he purchased for $71.3 million in 2014, setting a record at the time for the most expensive co-op sale in . The 17-room residence, spanning over 12,000 square feet across two floors in the iconic building designed by , features expansive living spaces, a private elevator, and views of the city skyline. In 2020, Englander expanded his holdings by acquiring a five-story townhouse at 8 East 75th Street on the for $38 million in an off-market transaction from Mortimer D.A. Sackler. The 11,600-square-foot property, located in the Historic District near , includes multiple bedrooms, a garden, and period details from its construction in the early . Englander owns international properties as well, including Villa Maryland, an 18-bedroom historic mansion on the in , which he purchased from the estate of co-founder in 2023 for an undisclosed sum. Originally built in 1903 and later restored, the estate overlooks the and spans several acres with gardens, pools, and guest houses; Englander has reportedly initiated expansions to the property. Beyond , Englander and his former wife, Caryl, amassed a significant art collection over decades, featuring works by prominent photographers and modern artists, which has been recognized by as placing them among the world's top 200 collectors. The couple donated pieces, including Elliott Erwitt's photographs and works by , to institutions such as the , and the at the University of Texas. As part of their 2023 divorce settlement, valued at over $1 billion, a portion of this art collection and their extensive portfolio was divided between them.

Wealth and philanthropy

Financial achievements and net worth

Israel Englander founded Management in 1989 with $35 million in seed capital from friends and family, establishing it as a multi-strategy focused on generating consistent returns through diverse approaches. Under his leadership as CEO, the firm expanded rapidly by recruiting top talent and implementing a pod structure that allocates capital to independent teams, leading to reaching $79 billion by November 2025. This growth reflects Englander's emphasis on and performance incentives, enabling to navigate market volatility effectively. Millennium has achieved notable financial success, delivering annualized net returns of approximately 14% since its inception, with the only down year occurring in 2008 during the global financial crisis. The firm's strategy has produced steady gains, including a 15.1% return in 2024 and positive performance in most market environments, underscoring Englander's ability to build a resilient investment platform. In recognition of this track record, Englander earned $4 billion in 2024, topping Bloomberg's ranking of the highest-paid hedge fund managers for that year. Englander sold a 15% minority stake in in November 2025 to investors via Goldman Sachs-managed funds, valuing the firm at approximately $14 billion and signaling a strategic shift toward broader ownership while retaining his majority control. Estimates of his personal , derived primarily from his ownership in Millennium and accumulated earnings, vary, with reporting $18.9 billion as of November 14, 2025, and $26.2 billion as of November 2025. This fortune positions him among the wealthiest individuals in , highlighting the enduring impact of his .

Charitable contributions and commitments

Israel Englander and his former wife, Caryl, have directed substantial philanthropic efforts through the Englander Foundation, a private family foundation established to support causes in Jewish community welfare, , , and . The foundation's giving emphasizes preselected organizations, with a particular focus on New York-based initiatives that align with Englander's and values. In addition to foundation-led efforts, Englander has made personal commitments to high-impact institutions, often serving in leadership roles to guide strategic advancements. A notable early contribution came in 2006, when the Englander Foundation donated $20 million primarily to Jewish organizations and schools, underscoring a commitment to cultural preservation and educational access within the Jewish community. Englander has continued this emphasis through board service at the on Jewish Poverty (Met Council), America's largest Jewish charity aiding low-income New Yorkers with food, housing, and ; his involvement helps direct resources to combat among vulnerable populations. The foundation's broader portfolio has included grants to preselected recipients, though specific recent amounts remain modest compared to earlier large-scale gifts. In healthcare, Englander has been a pivotal supporter of , where he serves as a member of the Board of Fellows. In 2023, he provided a transformational gift to expand the Englander Institute for Precision Medicine, enhancing genomic sequencing, biobanking, and research in cancer, genetic diseases, and ; this investment broadens access to personalized treatments and supports the institution's $1.5 billion "We're Changing Medicine" . Earlier foundation support named the Caryl and Israel Englander Institute for Precision Medicine in 2015, reflecting ongoing dedication to innovative medical research. Englander has also extended philanthropy to the arts, with contributions to the aiding its collections and programs. To amplify impact, the Englander Foundation transferred over $100 million to donor-advised funds between and , enabling flexible distribution to diverse charities while maintaining tax-efficient giving; this move, part of a broader strategy, has facilitated ongoing support for and . Recent foundation disbursements, totaling around $423,000 in , continue targeted aid to preselected recipients, prioritizing efficiency and alignment with core philanthropic goals. Englander's approach balances substantial one-time investments with sustained involvement, fostering long-term societal benefits without public disclosure of all details.

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