Millennium appoints independent administrator

Millennium Management, the $11bn New York hedge fund run by Izzy Englander, has appointed an independent administrator to provide worried investors with reassurance in the wake of alleged $50bn Bernard Madoff fraud Millennium appointed London-listed GlobeOp to provide independent valuations and checks on its assets, something common among newer funds but rare for the largest, oldest US hedge funds. Investors have become nervous following the arrest of Madoff, who managed money on behalf of some of the biggest hedge fund investors, and many say third-party administration provides an extra layer of protection against fraud.