Millburn

What Millburn does

Millburn Ridgefield LLC is a privately-held, employee-owned quantitative alternative investment manager founded in 1971 and headquartered in New York, with affiliated offices in London (Millburn International (Europe) LLP, FCA-authorized) and a minority joint venture in Shanghai (Quadrant Asset Management). The firm manages $13+ billion in assets under management as of June 1, 2026 on behalf of institutional investors — primarily pension funds and insurance companies — as well as high-net-worth individuals, family foundations, and trusts. Millburn operates as both an SEC-registered investment adviser and a FINRA-registered broker-dealer; its broker-dealer activity is limited to soliciting investments in its own funds, and approximately $400 million (about 7% of AuM) is co-invested by current and former employees and related entities to align insider interests with external capital.

The firm's investment process is built on a proprietary ensemble multi-factor statistical learning framework deployed since 2013, with 100% of return forecasts and execution cost forecasts generated through machine learning. The framework processes roughly six times the number of factors used in 2013, drawing on multi-decade historical data covering price inputs (~40%), price-derivative data, fundamental data, event data, market structure data, and alternative sources including satellite imagery and news feeds. Models are rebuilt every few weeks to incorporate new data and adapt to market regimes, with continuous 24-hour signal evaluation across 180+ global markets in equities, fixed income, currencies, and commodities. Core products include the flagship Diversified Program (MDP), the Multi-Markets Program (MMM), the closed Commodity Program (MILCOM), the China Futures Program (via the Quadrant JV), the Resource Opportunities Program (ResOP) launched in 2021, and a UCITS-compliant version distributed via the Generali Investments platform.

Millburn generates revenue through management fees (typically 2% of invested assets, assessed monthly) and performance fees (typically 20% of performance net of fees and expenses, assessed annually), both negotiable. Distribution occurs through direct discretionary advisory, FINRA broker-dealer placement, the UK FCA-regulated European subsidiary, and partnerships — most notably Catalyst Funds, whose Catalyst/Millburn Hedge Strategy Fund (MBXIX) surpassed $10.13 billion in AUM as of June 2026 and is Millburn's largest single fund vehicle. Marketing is content-led via the firm's insights publication, website, email newsletter, and earned media coverage in industry outlets.

Name

Millburn

Legal name

Millburn Ridgefield LLC

Website

https://millburn.com

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

11–50 employees

Short description

Millburn Ridgefield LLC is an employee-owned quantitative alternative investment manager founded in 1971, managing $13+ billion across 180+ global markets using a proprietary ensemble multi-factor machine learning framework for institutional and high-net-worth investors.

Ownership category

akta.pro rank

Product category

Quantitative Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910), Commodity Contracts Intermediation (523160), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Systematic Macro (Rates/FX/Equities Macro Models) (FSAHAEAC)

akta.pro secondary industries

Multi-Strategy — Quant/Systematic Multi-Strategy (FSAHAFAH), Hedge Funds — Commodity Systematic/CTA (Managed Futures) (FSAHAHAC)

Keywords

• Quantitative investment management
• Managed futures strategies
• Systematic trading programs
• Alternative investment management
• Machine learning investing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Management Fees: Each Fund is generally assessed a management fee of typically 2% of invested assets per year assessed monthly in arrears. The management fee is based on the Fund's net asset value. It is negotiable based on the situation of the Client, level of work involved, and nature of the investment strategy.
2. Performance Fees: Some Funds pay a performance fee to the manager of typically 20% of its performance (net of such Fund's management fees and expenses), which is assessed annually or prorated as of the date of a withdrawal or redemption. This performance fee is negotiable based on the situation of the Fund, level of work involved and nature of the investment strategy.
3. Financial Planning Services: Financial planning advice to specific individuals with whom they have an extensive overall relationship and their family foundations, to trusts, and foundations directly. No separate direct fees are charged for financial planning services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Millburn is an alternative investment manager that provides systematic, quantitative investment programs across 180+ global markets in equities, fixed income, currencies, and commodities. The firm applies a proprietary ensemble multi-factor machine learning framework for return forecasting, execution cost forecasting, and dynamic position sizing. It manages over $13 billion in assets through flagship diversified, multi-markets, commodity, China futures, and resource opportunities programs offered to institutional and sophisticated investors.

Product overview

Millburn is an alternative investment manager offering a suite of systematic, quantitative investment programs built on a proprietary multi-factor statistical learning/machine learning framework developed over 50+ years. The core offering includes the Diversified Program (MDP) and Multi-Markets Program (MMM) as flagship strategies, supplemented by the Commodity Program (MILCOM), China Futures Program, and the newer Resource Opportunities Program (ResOP) launched in 2021. These programs trade across equities, currencies, fixed income, commodities, and thematic instruments globally. The China Futures Program operates through a joint venture (Quadrant Asset Management) in Shanghai. The Catalyst/Millburn Hedge Strategy Fund (MBXIX) represents a public fund wrapper. A UCITS-compliant version of the Diversified Program is available on the Generali Investments platform. All strategies utilize the firm's proprietary machine learning technology for return forecasting, execution cost forecasting, and dynamic position sizing, with 100% of active signals generated through statistical learning processes.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Sharpe ratios above 1.2 net of fees for Commodity Program since September 2013
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Quadrant Asset ManagementcoreStrategic or Co-development PartnerShanghai-based Quadrant Asset Management serves as Millburn's critical Chinese partner for building local team presence, sourcing high-quality vendors for data, and understanding intricacies of execution in Chinese markets. This partnership enabled Millburn to successfully apply its machine learning research to local Chinese futures markets since 2013. The China Futures Program is implemented through this joint venture entity.
• Catalyst FundscoreChannel Partner/ Reseller/ DistributorCatalyst Funds announced that the Catalyst/Millburn Hedge Strategy Fund (MBXIX) has surpassed $10 billion in AUM as of June 1, 2026. The fund combines long/short managed futures with a strategic equity component, providing exposure to over 125 global markets through Millburn's systematic investment process.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Aspect Capital: Aspect Capital is a systematic, diversified global macro and managed futures manager founded in 1997, trading across commodities, currencies, equities, and bonds. Its systematic process and global market focus make it a close direct peer to Millburn's Diversified and Multi-Markets Programs.
• Man Group / AHL: Man Group's AHL division is one of the largest systematic managed futures and multi-strategy quantitative managers globally. It is a direct peer to Millburn, trading similar global futures, FX, and fixed income markets using systematic models with similar institutional client bases.
• Campbell & Company: Campbell & Company (a Carlyle Group affiliate) is a systematic global macro manager trading futures, FX, and fixed income markets with multiple systematic programs. It competes directly with Millburn for institutional CTA/managed futures allocations.
• BlueCrest Capital Management: BlueCrest is a UK-based systematic and discretionary global macro manager with a strong focus on systematic trading strategies. It competes with Millburn for institutional systematic macro allocations, particularly in European markets.
• Winton Group: Winton is a London-based systematic investment manager that uses scientific, data-driven approaches across global futures, equities, and macro markets. It directly mirrors Millburn's systematic multi-strategy approach and global market coverage.
• Graham Capital Management: Graham Capital is a Connecticut-based systematic and discretionary global macro manager founded in 1994, with significant quant/CTA exposure. Its diversified systematic strategies and institutional client base are highly comparable to Millburn's core offering.
• Transtrend: Transtrend is a Dutch systematic managed futures manager operating a diversified multi-market, multi-strategy program. Its product overlap with Millburn's Multi-Markets and Diversified Programs makes it a direct competitor for institutional quant allocation mandates.

Broad incumbents

• Citadel (Citadel LLC / Surveyor Capital): Citadel is one of the largest multi-strategy hedge funds in the world, with substantial systematic equities and global macro exposure. While broader in scope than Millburn, it competes for institutional capital seeking systematic alpha and is a key benchmark for the systematic multi-asset category.
• Two Sigma: Two Sigma is a much larger, technology-driven systematic investment manager applying ML, distributed computing, and alternative data across multiple strategies. It is a broad incumbent competitor in the quant/ML space that pressures Millburn on data, talent, and institutional mandates.

Emerging players

• Qube Research & Technologies: Qube Research & Technologies is a fast-growing systematic, technology-driven investment manager applying ML and statistical techniques across global markets. It is an emerging competitor to established quant managers like Millburn, with growing institutional traction.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/millburnridgefieldcorporation

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Millburn