The Global Risk Management Department at Millennium is responsible for identifying, measuring, monitoring, managing, and reporting on risks associated with the firm's portfolios. We focus on market, credit, and liquidity risk across regions and product classes, establishing and monitoring trading parameters, risk guidelines, and performance metrics in partnership with our investment teams.

Responsibilities:

• Support the application of the firm's risk management framework across quantitative arbitrage portfolios.
• Monitor and analyze key performance and risk drivers across quantitative arbitrage strategies.
• Analyze and assess quantitative arbitrage strategies to develop a clear understanding of their risk characteristics.
• Partner with technology teams to improve and prototype risk capabilities.
• Build and enhance models and tools used to monitor risk and explain performance drivers across quant arb strategies.

Requirements:

• 1–5 years of experience in capital markets or quantitative strategy research.
• Experience in an equity-focused risk analyst role; exposure to equity derivatives or other asset classes is a plus.
• Experience with index, ETF, quantitative investment strategy (QIS), or Stat Arb research is a plus.
• Practical experience with equity factor models, such as Barra or Axioma, is preferred.
• Experience with AI tools, including AI-assisted coding, agentic workflows, and large language model use for research and recurring analytical work, is a plus.
• Strong quantitative, analytical, and problem-solving skills.
• Strong programming skills, including Python and SQL.
• Intellectual curiosity, sound judgment, and the ability to work independently on open-ended research questions.

Benefits: Millennium offers a total compensation package which includes a base salary, discretionary performance bonus, and comprehensive benefits. The estimated base salary range for this position is $70,000 to $160,000.

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The Equity Risk Management team partners closely with fundamental equity trading groups to provide disciplined risk oversight across portfolios, performance, and trading activity.

Responsibilities:

• Own risk coverage for a group of fundamental equity trading teams, developing a detailed understanding of their portfolios, risk exposures, performance, and investment processes.
• Monitor where risk is building across assigned trading groups, distinguish material developments from noise, and clearly communicate their implications.
• Develop a working understanding of each Portfolio Manager’s investment process, including where their edge is demonstrated and where risk exposures may be incongruous.
• Act as a business partner to investment professionals, helping build strong economic intuition around the risks within their portfolios.
• Evaluate and prioritize risks across the coverage book, focusing the team’s attention on the developments that require action.
• Translate findings into focused conversations with Portfolio Managers and follow through on resulting actions or changes.
• Independently scope and conduct research when existing tools do not answer a risk question, sharing findings with the broader team.
• Identify risks that may not be fully captured by current measures and use engagement with risk takers to help shape the risk and portfolio research agenda.

Requirements:

• 7–10 years of experience in equity risk management, portfolio research, quantitative research, or a fundamental investment role.
• Experience in a multi-manager platform is helpful but not required.
• Fluency with characteristics-based factor models.
• Proficiency in R or Python and SQL, with the ability to perform end-to-end analysis independently.
• Strong statistical judgment and quantitative, analytical, and problem-solving skills.
• Ability to develop clear, actionable perspectives and recommendations from complex risk and portfolio data.
• Clear and concise written and verbal communication skills, including the ability to communicate effectively within length constraints.
• Degree in a technical or quantitative field; an advanced degree in Financial Engineering or a similar discipline is preferred.

Benefits:

• The estimated base salary range for this position is $160,000 to $250,000.
• Comprehensive benefits package including a base salary, discretionary performance bonus.

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Responsibilities:

• Conduct quantitative assessments of equity portfolio management activities, with a focus on performance metrics and risk factors.
• Develop and enhance risk-analysis approaches that deepen insight and identify potential blind spots.
• Evaluate portfolio manager strategies and processes using quantitative and AI-driven methods.
• Design, build and implement visualization tools and AI and machine learning models to strengthen risk assessment and decision-making.
• Partner with technology teams to integrate code and AI-enabled processes into workflows, improving automation and productivity.
• Monitor market developments, particularly in Japanese equities, and assess their potential impact on investments.
• Translate market trends and quantitative insights into actionable risk-management perspectives.
• Participate in portfolio manager candidate evaluations and share knowledge and best practices across the global risk management team.

Requirements:

• 2 to 10 years of experience in a quantitative role applying analytical skills to financial markets.
• Proficiency in Python and SQL.
• A master’s degree or Ph.D. in science, engineering, mathematics or a related quantitative field.
• Fluency in Japanese and proficiency in English to collaborate effectively with local and global teams.
• The ability to communicate complex concepts clearly to a range of audiences.
• A collaborative approach and the ability to thrive in a global team environment.
• Experience with AI and machine learning models is beneficial.
• Familiarity with equity markets, factor models, performance attribution, portfolio construction and optimization techniques is beneficial.

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Millennium, a global alternative investment firm, is seeking a Mergers and Acquisitions - Risk Analyst. As a Risk Analyst, you will partner directly with Portfolio Managers (PMs) on capital allocation, providing insight into risk exposures, and working closely with the Office of the CIO on trends and forward-looking projects.

Responsibilities

• Monitor the event-driven landscape, tracking changes in the deal environment, regulatory backdrop, spread dynamics, and market conditions.
• Build and maintain tools to support event arbitrage analysis, workflow, and decision-making.
• Enhance risk capital methodologies, improving how capital is calculated, allocated, and monitored across the book.
• Conduct research and data exploration, working with large datasets to generate insights and support ad hoc and ongoing risk projects.
• Partner with PMs and Management to analyze and discuss portfolio construction, position sizing, risk exposures, and PM skill/performance attribution.

Requirements

• Experience between 3 - 6 years.
• Analytical and problem-solving mindset with intellectual curiosity.
• Ability to deal with ambiguity, structuring open-ended problems and making progress with incomplete information.
• Excellent communication skills, with the ability to distill complex analysis and clearly and concisely convey findings to Management and other stakeholders.
• Self-starter who can independently drive research projects.
• Proficiency in Python for data analysis, tooling, and automation.
• Strong SQL skills, with the ability to query and work with large datasets.
• Comfort handling, cleaning, and exploring large, complex data sets.

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In this position, you will be responsible for helping to drive the risk management framework for our equity derivatives portfolios in EMEA or New York, ensuring robust risk controls, and driving initiatives to manage and mitigate risks effectively.

The ideal candidate will have a background in trading equity derivatives, risk management, or derivatives structuring with strong analytical skills, and work in a fast-paced, complex trading environment.

Responsibilities

• Support the application of the firm’s risk management framework across equity derivatives products
• Assist in monitoring P&L and help analyze and explain performance drivers
• Help monitor VAR, stress, scenario, and other risk limits, and escalate breaches to senior team members when appropriate
• Contribute to regular portfolio risk reporting and capital usage
• Assist in identifying concentrations, vulnerabilities, and changing market or event risks across portfolios
• Maintain a forward outlook on markets and event risks
• Work with technology teams to improve and prototype risk tools and analytics
• Help build and enhance models and tools used to monitor risk and explain P&L drivers across products

Qualifications

• 4 years+ of experience in equity derivatives, structuring, trading, or risk
• Exposure to products such as options, variance swaps, VIX derivatives, delta one, dividends, funding spread products, or other equity derivatives is helpful
• Cross-asset exposure across rates, FX, or commodities is a plus
• Strong interpersonal and communication skills, with the ability to work well with different stakeholders
• Eagerness to learn from senior team members and develop product and risk expertise
• Solid quantitative, analytical, and problem-solving skills
• Programming ability in Python is required

The estimated base salary range for this position is $160,000 to $250,000, which is specific to New York and may change in the future.

Millennium pays a total compensation package which includes a base salary, discretionary performance bonus, and a comprehensive benefits package.

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