Quant Risk Researcher

About Millennium

Millennium is a global, diversified alternative investment firm, founded in 1989. Defined by evolution, innovation and focus, Millennium's mission is to deliver results for our investors.

Our people are empowered with both independence and support: the autonomy to pursue ideas with conviction and the backing of a global network committed to collaboration, disciplined risk management and continuous learning. With opportunities to deepen expertise and accelerate development, talent at Millennium is equipped to adapt, evolve and build lasting impact over time. Discover how transformative growth accelerates impact.

Meet the Team

Millennium's Global Risk Management Department is responsible for identifying, measuring, monitoring, managing and reporting on the risks associated with Millennium's portfolios at the Firm-wide and Portfolio Manager levels, with a focus on the market, credit and liquidity risks the Firm faces in the course of its business. At the Portfolio Manager level, the team establishes and monitors trading parameters, risk guidelines and performance metrics across three regions and multiple product classes and also monitors aggregations of risk up to the full Firm-wide level. Within Risk Management, the team partners directly with Portfolio Managers running systematic and quantitative strategies across global futures, FX, rates, equity index and commodities. The team combines risk management with quantitative research and performance analytics to understand, represent and monitor how those strategies behave, and is based across New York and London.

What You'll Do

• Monitor and explain P&L, performance and risk for Quantitative Strategies Portfolio Managers across global futures, FX, rates, equity index and commodities, engaging with them on a regular basis.

• Build quantitative models and analytics for performance attribution and risk analysis, working with large and diverse datasets.

• Research and implement new risk methodologies and techniques to represent and monitor systematic strategies, with attention to robustness, implementation and liquidity.

• Develop and refine simulation models for risk measurement, such as VaR enhancements, scenario analysis and factor modeling.

• Design and enhance pricing models and visualization tools that make risk and performance transparent to Portfolio Managers and the broader Risk team.

• Improve the team's research and analytics infrastructure, including data pipelines, backtesting tools and performance analytics.

• Apply machine learning and AI techniques to strengthen risk and performance analytics.

• Partner closely with Portfolio Managers, risk managers and technologists to move ideas from research into production.

What You Bring

• Master's degree or PhD in a quantitative field such as mathematics, engineering, computer science or physics; PhD preferred but not required.

• Experience in a trading, risk or quantitative research role (e.g., alpha research, portfolio optimization, risk modeling) within a hedge fund, asset manager or similar trading environment; experience in volatility, rates or quantitative macro strategies is highly desirable.

• An applied, practical mindset - a builder who prefers solving real problems over purely theoretical work; experience applying machine learning or AI techniques is a plus.

• Highly analytical, proactive and attentive to detail, with strong problem-solving skills and genuine intellectual curiosity about markets.

• Strong coding skills, including Python (pandas, NumPy, SciPy, scikit-learn or similar), SQL, kdb+/q and C++; experience in GUI development is a plus.

• Excellent command of statistics, time series analysis and optimization methods, with rigorous model evaluation and a healthy skepticism around overfitting.

• Entrepreneurial inclination: able to work independently, own projects end to end and prioritize in a fast-moving, high-pressure, constantly changing environment.

• Strong team player with excellent written and verbal communication skills and the ability to build smooth working relationships with Portfolio Managers and across the Risk team.

Salary Range

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 $160,000 to $250,000, which is specific to New York and may change in the future. When finalizing an offer, we take into consideration an individual's experience level and the qualifications they bring to the role to formulate a competitive total compensation package.