Millennium Seeks SEBI Approval for Onshore India Unit

Millennium Management is seeking approval from the Securities and Exchange Board of India to register a local investment-management entity. The firm plans to hire investment professionals in India and establish onshore trading and portfolio-management capabilities.

According to people familiar with the matter, the proposed structure would allow the New York–headquartered manager to directly employ investment staff in India and operate local trading and portfolio teams rather than limiting its local presence to technology and support roles.

The firm, founded by Izzy Englander, manages about $87 billion in assets and already maintains offices in Mumbai and Bengaluru. Millennium employs several hundred people in India in operational and research roles.

Global alternative asset managers have increased their onshore activities in India, adding local trading infrastructure and hiring investment staff. Industry peers that have expanded operations in the country include D. E. Shaw and Point72.

Millennium is in discussions with regulators as it pursues the necessary approvals from SEBI. A Millennium spokesperson declined to comment.