Copyright Bloomberg
Every business must eventually detach itself from its founder. When the company is Millennium Management and the founder is Izzy Englander , steps on the journey to separation resonate loudly. Englander this month sold a 15% stake in the preeminent hedge fund at a $14 billion valuation. As a moment in financial history, it feels up there with Goldman Sachs Group Inc. going public in 1999. Millennium’s success is the envy of the asset-management industry. It runs a single fund, slices of which are allocated to several hundred investment teams running an array of strategies. Its killer app is the command structure sitting on top.
