Millennium's corporate strategy head is leaving the $83.5 billion hedge fund
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- Alexander Campbell is departing $83.5 billion Millennium, several people said.
- The longtime head of corporate strategy joined the hedge fund more than a decade ago.
- Non-investing roles are expanding at major hedge funds like Millennium amid industry growth.
Izzy Englander's Millennium, which recently sold off a 15% stake of the firm, has just lost its head of corporate strategy.
Alexander Campbell, Millennium's head of corporate strategy since 2017, is exiting the firm, according to two people familiar with the move. Millennium declined to comment, while Campbell did not respond to requests for comment.
Campbell joined the hedge fund in 2015 and held a strategy role throughout his entire career at Millennium, joining the firm when it managed $27 billion in assets and leaving when it had more than $83 billion. A person close to the manager described his role as working on various projects related to the organization's priorities at any given time.
Millennium has undergone tremendous growth over the past decade. In November, it hit a unique milestone for a hedge fund by selling a 15% stake of the firm to investors in a sale that valued the firm at $14 billion. The firm has also made plans to launch private market funds and continues to add teams globally.
A graduate of the University of Pennsylvania, Campbell worked at Vanguard before going to business school at the University of Chicago and then joining BCG for five years, according to his LinkedIn profile.
He is a part of the growing group of professionals who work at the biggest hedge funds but do not manage any money. As firms like Millennium have become more institutional, the non-investing side of the business has expanded its headcounts.
Regulatory filings show that a majority of Millennium's 6,000-plus employees do not work in an investing role. These non-investing roles include technologists, recruiters, fundraisers, compliance officers, lawyers, and other staff, such as strategy and operations personnel.
Business Insider mapped the dozens of executives who make up Englander's management web in 2024 (Campbell was not among them) and detailed how alums from the executive ranks of the biggest managers, such as Millennium, Citadel, and Point72, are building the next wave of hedge funds.