Key Takeaways
- • Millennium Management has retained two senior portfolio managers—Pratik Pratap Madhvani (39, ex-Citi) and Glen Scheinberg (38, ex-Goldman Sachs)—despite repeated large losses, signaling exceptional tolerance for these individuals despite the fund's typically strict risk discipline under founder Izzy Englander.
- • Madhvani's pod and Scheinberg's SRBL pod lost approximately $900 million in the first quarter of 2025 and were down "hundreds of millions" again in November 2025, contributing to Millennium's modest 0.5% return for the month.
- • Both pods employ index-rebalancing strategies designed to profit from passive index fund reconstitution; in November, they were caught off-guard by unexpected MSCI indices reconstitution, highlighting the strategy's vulnerability to timing shifts.
- • Madhvani, who joined Millennium from prop trading firm Tibra in 2020, runs one of the fund's largest pods with over 20 team members based in Dubai; Scheinberg's established SRBL pod similarly operates with 20+ staff and includes three Goldman Sachs colleagues (Michael Rems, James Brophy, and Richard Li).
- • The retention of both traders despite substantial drawdowns underscores their perceived strategic value and suggests Millennium's leadership views them as core long-term assets despite departures from typical risk management protocols.
Summary
Millennium Management, the multistrategy hedge fund led by founder Izzy Englander, has demonstrated unusual tolerance for losses originating from two senior portfolio managers with pedigrees from major financial institutions. Pratik Pratap Madhvani, a 39-year-old former Citigroup trader, and Glen Scheinberg, a 38-year-old ex-Goldman Sachs vice president, have each experienced significant drawdowns over the past year yet remain in their leadership positions—a departure from Millennium's reputation for strict risk discipline.
Madhvani joined Millennium in 2020 from prop trading firm Tibra and is thought to run one of the fund's largest pods. The fund reportedly opened its Dubai office in part to accommodate him, and his team has grown to comprise over 20 people. Scheinberg joined in 2014 and runs an established pod called SRBL that includes three colleagues from Goldman Sachs—Michael Rems, James Brophy, and Richard Li—plus additional staff exceeding 20 members. He is based in Puerto Rico.
Both managers operate index-rebalancing strategies, which aim to capitalize on shifts in index composition as passive funds reweight their holdings. In the first quarter of 2025, Bloomberg reported that Madhvani's and Scheinberg's pods lost $900 million combined over three months. More recently, Business Insider reported that the same two pods were down "hundreds of millions" at one point in November 2025, contributing significantly to Millennium's overall 0.5% return for that month. The November losses were attributed to an unexpected reconstitution of MSCI's indices, which caught the funds off-guard despite their specialized focus on rebalancing-driven strategies.
The retention of both traders despite repeated substantial losses suggests they hold exceptional strategic value within Millennium's organizational structure. While the fund is typically known for limited risk tolerance and quick exits when performance deteriorates, the continued employment of Madhvani and Scheinberg indicates founder Izzy Englander views them as core personnel worth retaining through performance cycles.
Madhvani joined Millennium in 2020 from prop trading firm Tibra and is thought to run one of the fund's largest pods. The fund reportedly opened its Dubai office in part to accommodate him, and his team has grown to comprise over 20 people. Scheinberg joined in 2014 and runs an established pod called SRBL that includes three colleagues from Goldman Sachs—Michael Rems, James Brophy, and Richard Li—plus additional staff exceeding 20 members. He is based in Puerto Rico.
Both managers operate index-rebalancing strategies, which aim to capitalize on shifts in index composition as passive funds reweight their holdings. In the first quarter of 2025, Bloomberg reported that Madhvani's and Scheinberg's pods lost $900 million combined over three months. More recently, Business Insider reported that the same two pods were down "hundreds of millions" at one point in November 2025, contributing significantly to Millennium's overall 0.5% return for that month. The November losses were attributed to an unexpected reconstitution of MSCI's indices, which caught the funds off-guard despite their specialized focus on rebalancing-driven strategies.
The retention of both traders despite repeated substantial losses suggests they hold exceptional strategic value within Millennium's organizational structure. While the fund is typically known for limited risk tolerance and quick exits when performance deteriorates, the continued employment of Madhvani and Scheinberg indicates founder Izzy Englander views them as core personnel worth retaining through performance cycles.
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