Hedge Fund Millennium to Expand in Paris With New Office for 100 Employees

(Bloomberg) -- Millennium Management has taken a lease in central Paris in a bid to expand its presence in the French capital.

The hedge fund has struck a deal to rent the building located at 22 Rue Bayard, according to people with knowledge of the matter. The investment firm can house as many as 100 staff in the new office, which is expected to open in the second quarter, said one of the people, who asked not to be identified because the details are private. Millennium recently hired Bruno Benoit, former Societe Generale SA co-head of fixed income and currencies, to lead its expansion in the city.

A spokesperson for Millennium Management declined to comment. The hedge fund employs about 650 people across Europe, Middle East and Africa, with 500 of those roles located in London.

The New York-based investment firm joins peers such as Citadel in growing their presence in the city that's emerging as one of the region's main hubs for trading and research talent, especially for those specializing in quantitative strategies. Billionaire Ken Griffin's Citadel opened an office in the French capital last year.

Banks are also expanding in Paris, with Goldman Sachs Group Inc. and JPMorgan Chase & Co. among those adding to their local headcount in the city since the Brexit vote in 2016.

Read more:
Citadel to Expand With Paris Office in Griffin's Global Push
JPMorgan's Paris Traders Are Only Part of the Threat to London

Millennium, which manages $57.5 billion, already has more than 20 people in Paris, one of the people said.

A stone's throw away from the luxurious Avenue Montaigne, the firm's new address was home to radio broadcaster RTL station for 82 years until 2018. Part of the historic building was demolished a year later. The plot has been developed and the new building is partly made of wood, which the developer says is a first in Paris's central business district.

Millennium has also expanded its operations to Dublin, Dubai and Tel Aviv in the EMEA region in recent years. The hedge fund returned 13.5% last year, Bloomberg reported on Thursday.