Key Takeaways
- • Glen Scheinberg's index rebalancing pod at Millennium Management generated $3.7 billion in profits in June 2026, alongside a parallel $3.7 billion profit pod run by Pratik Madhvani, positioning both as Millennium's top portfolio managers.
- • Scheinberg and Madhvani's combined teams manage at least 50 people; assuming a standard 20% profit share, the June performance translates to approximately $740 million in compensation across both pods, or roughly $15 million per team member for a single month.
- • Scheinberg, who departed Goldman Sachs as a VP in program trading at age 27 in 2014, purchased a $37 million residence in Dorado Beach, Puerto Rico in 2022 and operates his pod (SRBL) from the island, demonstrating Millennium's flexibility on remote portfolio manager locations.
- • Both top-performing pods employ index rebalancing strategies—highly leveraged positions on securities entering or exiting major indexes—which benefited substantially from June 2026's index reconstitution activity, including S&P quarterly rebalancing, Nasdaq-100 changes, Russell annual reconstitution, SpaceX inclusion, and quarter-end rebalancing.
- • Scheinberg's SRBL pod includes three additional founding members with Goldman Sachs backgrounds: Michael Rems, James Brophy, and Richard Li, while Madhvani's competing pod operates from Dubai.
Summary
Glen Scheinberg exemplifies the financial brain drain from institutional banking to nimble hedge fund platforms. A Brown University graduate with a computational biology background, Scheinberg worked as a Goldman Sachs intern in 2007 before advancing to VP in the firm's program trading division. He departed Goldman at age 27 in 2014 to join Millennium Management, the multi-billion-dollar hedge fund known for its decentralized pod structure and autonomy granted to talented portfolio managers.
Scheinberg's trajectory accelerated significantly at Millennium. According to Bloomberg reporting cited in the primary source, his index rebalancing pod (SRBL) generated $3.7 billion in profits during June 2026. Operating in parallel, a competing pod led by Pratik Madhvani (age circa 39) achieved identical $3.7 billion profits the same month, establishing both managers as Millennium's elite performers. The two pods command combined teams of at least 50 people.
The compensation implications are substantial. Assuming Millennium's standard 20% profit-sharing arrangement with senior portfolio managers, the combined $7.4 billion monthly profit pool would distribute approximately $740 million across both operations—translating to roughly $15 million per team member for a single month's performance. This income profile explains Scheinberg's acquisition of a $37 million Dorado Beach, Puerto Rico property in 2022. Although his LinkedIn profile lists a New York base, Business Insider reported in 2022 that Scheinberg operates his pod remotely from Puerto Rico, a practice Millennium accommodates as part of its flexible geographic policies.
Scheinberg's SRBL pod comprises four founding Goldman Sachs alumni: Scheinberg himself, Michael Rems, James Brophy, and Richard Li. Madhvani's Dubai-based operation represents Millennium's international expansion strategy. Both pods specialize in index rebalancing strategies—highly leveraged directional bets on which securities will enter or exit major equity indexes. June 2026 provided an optimal environment for this strategy, with coinciding S&P quarterly rebalancing, Nasdaq-100 reconstitution, Russell annual reconstitution (which triggered the notable addition of SpaceX), and quarter-end portfolio rebalancing activity amplifying trading opportunities and spreads.
Scheinberg's trajectory accelerated significantly at Millennium. According to Bloomberg reporting cited in the primary source, his index rebalancing pod (SRBL) generated $3.7 billion in profits during June 2026. Operating in parallel, a competing pod led by Pratik Madhvani (age circa 39) achieved identical $3.7 billion profits the same month, establishing both managers as Millennium's elite performers. The two pods command combined teams of at least 50 people.
The compensation implications are substantial. Assuming Millennium's standard 20% profit-sharing arrangement with senior portfolio managers, the combined $7.4 billion monthly profit pool would distribute approximately $740 million across both operations—translating to roughly $15 million per team member for a single month's performance. This income profile explains Scheinberg's acquisition of a $37 million Dorado Beach, Puerto Rico property in 2022. Although his LinkedIn profile lists a New York base, Business Insider reported in 2022 that Scheinberg operates his pod remotely from Puerto Rico, a practice Millennium accommodates as part of its flexible geographic policies.
Scheinberg's SRBL pod comprises four founding Goldman Sachs alumni: Scheinberg himself, Michael Rems, James Brophy, and Richard Li. Madhvani's Dubai-based operation represents Millennium's international expansion strategy. Both pods specialize in index rebalancing strategies—highly leveraged directional bets on which securities will enter or exit major equity indexes. June 2026 provided an optimal environment for this strategy, with coinciding S&P quarterly rebalancing, Nasdaq-100 reconstitution, Russell annual reconstitution (which triggered the notable addition of SpaceX), and quarter-end portfolio rebalancing activity amplifying trading opportunities and spreads.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.