Millennium and Point72 Consider New Tweaks to Some Portfolio Managers' Pay

Izzy Englander and Steve Cohen look at potential moves amid competition for top traders

Amid a price war for trading talent, Steve Cohen and Izzy Englander are each considering new twists to the way they compensate select portfolio managers.

Englander’s Millennium Management may provide another avenue for “certain” executives and portfolio managers to invest the deferred portion of their annual bonuses. Instead of putting the deferred pay into a Millennium fund, they could swap it for a profits interest in the management firm itself.

Cohen’s Point72 Asset Management is exploring a different option: allowing some portfolio managers to eat more of their own cooking. They would get to invest in the strategy they run for Point72’s flagship multistrategy fund.