Hedge funds build career ladders to plug a talent shortfall

Izzy Englander's Millennium has $86.3 billion and not nearly enough people to invest it. The firm tried flexibility—letting portfolio managers live in places such as Puerto Rico and Dubai, allowing some to spin out their own shops, paying top earners to switch firms, and expanding into commodities and private credit—but its cash pile rose by more than $30 billion since 2022.

Hiring 160 PMs in 2024 and allocating billions to outside funds in 2025 still left a gap. To build a steadier pipeline, Millennium will launch an investing internship for graduating college seniors in 2027 with at least 20 slots, hands-on work with senior PMs, and a path to analyst roles.

The move reflects a wider shift among the largest multistrategy funds—Millennium, Citadel, Point72, and Balyasny—toward formal ladders from internships to PM seats. Balyasny, a $30 billion manager, plans a Catalyst program in 2027; Citadel and Point72 have stepped up campus recruitment and training.

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