Millennium Seeks SEBI Approval for Onshore India Trading Unit

Millennium Management has applied to the Securities and Exchange Board of India to register a local investment-management entity that would allow the firm to hire portfolio managers and traders in India and operate onshore trading and portfolio-management functions. The New York-headquartered firm manages about $87 billion and was founded by Izzy Englander. Millennium already maintains offices in Mumbai and Bengaluru and employs several hundred people in operational and research roles.

The proposed entity would provide the legal and regulatory framework for Millennium to execute investment and trading activities from India. Under the planned structure, the firm could recruit portfolio managers and traders directly in the country rather than limiting local staff to technology, research and support roles.

Global alternative asset managers have been increasing onshore capabilities in India to access local quantitative, software and investment talent and to build trading infrastructure. Industry peers including D.E. Shaw and Point72 have expanded investment and trading activities in India and grown local recruitment in recent years.

People familiar with the filing confirmed Millennium has submitted an application to SEBI but did not provide a timeline for regulatory approval or specify how large the local investment team might be if registration is granted. Millennium declined to comment on the registration.

If SEBI approves the application, the entity would allow Millennium to run portfolio-management decisions and trade execution from within India, extending its activity beyond its existing technology, research and support functions.