Average employee remuneration at hedge fund Millennium Capital Management’s London operations fell for a third consecutive year in 2025, as the firm boosted its roster of non-investment staff, according to a report by eFinancial Careers

Despite a sharp increase in the firm’s operating profit and continued expansion of its workforce, accounts for Millennium Capital Partners LLP and Millennium Capital Management Ltd, two of the firm’s principal UK entities, show that average pay per employee fell to £671,000 ($892,000) for the year ended 2025, down from £717,000 in 2024.

The decline extends a multi-year trend. Average remuneration stood at approximately £776,000 in 2023 and £1.1m in 2022, meaning the figure has dropped by close to 40% over four years.

The reduction appears to reflect a changing composition of Millennium’s London workforce rather than broad-based reductions in individual compensation. The firm has been increasing its proportion of employees working in support and other non-investment functions, whose remuneration is generally lower than that of investment professionals.

During 2025, Millennium reduced its investment headcount by 31 while adding 52 support employees. As a result, investment professionals accounted for roughly 47% of the London workforce, compared with about 55% four years earlier.

Compensation for the firm's partners moved in the opposite direction though, with Millennium’s London members, a group that typically includes senior investment professionals and portfolio managers, receiving average remuneration of £8.1m ($10.8m) in 2025, based on total member remuneration divided by the number of partners. That was up from an average of £4.9m ($6.5m) in 2024.

Millennium Capital Partners LLP had 33 partners during the period, although two were corporate entities: Millennium Capital Management Ltd and MCM (UK) LLC. As a result, the reported average does not necessarily represent the remuneration received by individual partners, with a portion of the overall member remuneration potentially attributable to the corporate members.