In 1989 Israel Izzy Englander left his Wall Street job to launch his own hedge fund, Millennium Management. His seed was $35 million that he raised from his family and friends. Unlike most hedge funds, he does not charge fees for his services, but just takes a percentage of the profits he makes for his investors. His fund is not worth about $33 billion.
Englander is the son of Jewish immigrants to the US from Poland. His family was Orthodox, and he is also. He attended a yeshivah in Brooklyn, and often gives donations to similar such schools. He graduated from NYU with a degree in finance. He started investing in the stock market when he was just in high school.
Englander supports synagogues and yeshivahs, especially those situated in Brooklyn, where he is from. His wife, Caryl, has given millions of dollars to many Brooklyn yeshivahs, and smaller donations to many other Jewish institutions. He is a member of the board of the Metropolitan Jewish Council on Poverty.
He also supports health institutions in New York. He gave $8 million to the Englander Family Research Suite in Dermatologic Oncology at the Cornell Weill Medical Center. The donation was in honor of their daughter Laura’s decision to specialize in dermatology during her medical training. In 2013 Englander made a donation of $250,000 to the Memorial Sloan Kettering Cancer Center.