Izzy Englander’s Millennium Management has changed its terms to ensure that clients always pay a minimum fee, even if the hedge fund loses money.
They will now pay annual fees of about 1% of assets or 20% of investment gains — whichever is greater, according to a client letter seen by Bloomberg. It’s part of an effort to “reflect current industry-standard approaches” adopted by other multi-strategy peers, Millennium said in the Feb. 21 letter...