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Hedge fund Millennium is ramping up its internships

As multistrategy hedge funds battle for the small subset of people actually capable of doing their jobs, one thing is becoming clear: they probably need to grow more of their own talent in-house. This might be why more and more hedge funds are hiring graduates and interns. It's probably also why Millennium Management - the massive multi strategy fund with $58bn in assets under management, is ramping up its internship program

Most of Millennium's interns go into its infrastructure and technology roles. These took 100 interns globally this year, double the number that arrived in 2019.

Quant developer interns at Millennium in New York earn $150k pro rata according to recent salary disclosures, but Millennium doesn't just offer its tech and infrastructure internships in New York. They're also available in Miami, London, Dublin, Tel Aviv, Hong Kong, Singapore and Tokyo, and there are plans to expand to Bangalore in 2024. 

It's not easy to get an internship at Millennium. Despite being one of the best known hedge funds, it still only plans to take on 150 interns across its core, technology and investment teams in 2024. The number of applicants for these 150 places is unclear, but it almost certainly exceeds the 72 students applying for each entry level job at JPMorgan's investment bank this year. 

Millennium is, however, adding to its internship roster. Starting next year, it plans to offer a new 12-week internship for masters level students in a quantitative or mathematical discipline. The Masters students will join its investment teams as quantitative researchers in New York, London and Hong Kong.  The new Masters internship will provide classroom training in financial markets and technical skills.

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Despite the changes afoot at UBS, Millennium also continues to run a curious program begun a few years ago in which UBS trains some of Millennium's graduate recruits (not interns). As part of this program, recent graduates on Millennium's program are placed into two, six month rotations within UBS’ research division.  

After completing this one-year training program, the analysts are matched within one of Millennium’s equities portfolio management teams in New York, London, Hong Kong or Singapore. Millennium has hired over 40 individuals into its trading teams this way since the scheme's inception in 2020.  

Photo by Erin Doering on Unsplash

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AUTHORSarah Butcher Global Editor

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