Multistrategy Hedge Funds Annual Filings Revealed
Recently, multistrategy hedge funds like Citadel, Millennium, and Balyasny made their annual filings with the SEC known as ADV forms. These filings provide valuable insights into the operations and scale of these financial powerhouses.
Millennium Emerges as Multistrat Goliath
The latest filings confirm Izzy Englander’s Millennium as the multistrategy Goliath. With 6,670 employees, Millennium is nearly twice as big as Steve Cohen’s Point72 and more than twice as big as Ken Griffin’s Citadel. The table below illustrates the total employees at leading multistrategy hedge funds:
In total, the biggest hedge funds added nearly 2,000 people last year, with Millennium alone adding 530 of them and Point72 adding 394. Citadel was more circumspect, with only 131 extra employees.
However, in percentage terms, the biggest hirers were not the largest funds. Headcount at Jain Global was up 73% as the firm presumably added “35-year-old killers” and other such talents following its launch in 2024. Verition increased headcount by 20%; Balyasny by 18% or 371 people.
Investment-Focused Employees
The filings also shed light on how many of the multistrategy firms’ employees are actual investment-focused as opposed to support and other non-investment staff. Jain Global, Balyasny, and Verition were among the top hirers in this category. On the other hand, Schonfeld and Walleye reduced investment headcount in the past year. The table below shows the breakdown of investment employees at leading multistrategy hedge funds:
A high proportion of investment professionals means a low proportion of non-investment professionals, such as technologists and executive assistants. Bobby Jain mentioned that his fund utilized AI to build its infrastructure, reducing the need for hiring “hundreds of technology people.”
Balance of Investment and Non-Investment Staff
The ADV filings also reveal discrepancies between the balance of investment and non-investment staff at major funds. While only 36% of people at Walleye are investment professionals, 56% of people at Jain Global are. This difference showcases the varying strategies and priorities of different multistrategy hedge funds.
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