Monaco Welcomes Millennium Management: Principality Reinforces Status as Financial Hub
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Loading... - Damaris Abbott
- 07 Apr 2025
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Millennium Management is preparing to launch a new trading operation in Monaco, further solidifying the Principality's reputation as a prime destination for global financial powerhouses. According to Bloomberg, Ziad Kerbage, who recently worked with Maven Securities, will become Millennium’s first portfolio manager based in Monaco. His initial task will be to assemble a local team to develop the firm’s operations in the region, with the process of securing local regulatory approvals already underway.
Kerbage brings extensive financial expertise to his new role, having joined Maven in 2018 after successful stints as a trader at JPMorgan Chase & Co. and Morgan Stanley. His leadership is expected to be instrumental in establishing Millennium’s presence in Monaco and capitalizing on the region's financial opportunities.
Monaco has long attracted elite financial institutions, and Millennium's move is part of a broader trend. The Principality has seen firms like Goldman Sachs Group Inc. open offices in early 2022, alongside hedge fund Caxton Associates, which also maintains a presence in the area.
Founded in 1989 by billionaire Izzy Englander, Millennium Management has emerged as a leading force in alternative investments, currently managing nearly $75 billion in assets. The firm was recognized as one of the most profitable hedge funds of 2024, reporting gains of approximately $9.4 billion, according to LCH Investments. With over 340 trading teams, Millennium is well-positioned to leverage its expertise in the competitive financial landscape.
The firm’s philosophy emphasizes evolution, innovation, and a commitment to delivering high-quality returns to its investors. Millennium empowers talented professionals to pursue a variety of investment strategies across sectors, asset classes, and geographic regions. This approach aligns well with Monaco’s dynamic financial environment.
Bloomberg notes that Millennium sometimes selects locations based on the personal preferences of its traders, which may explain the firm’s latest move to the picturesque Côte d’Azur. The allure of Monaco, with its favorable tax environment and vibrant lifestyle, makes it an attractive destination for financial professionals.
The arrival of Millennium Management in Monaco marks a pivotal moment in the Principality's ongoing evolution as a global financial hub. With Ziad Kerbage at the helm, the firm is poised to make a substantial impact on the local financial landscape, further enhancing Monaco's status as a premier destination for top-tier finance. As more firms recognize the advantages of operating in Monaco, the Principality is set to continue its ascent in the world of international finance.
