Big Hedge Funds’ Succession Problems

Who will follow in the footsteps of high-profile hedge fund managers? Not many of them know.

ISRAEL (IZZY) ENGLANDER CAN CERTAINLY AFFORD to kick back and relax. The veteran hedge fund investor has established an enviable record since founding Millennium Management in 1989, delivering outsize average annual returns of 16 percent and amassing personal wealth estimated at more than $1 billion. But at the age of 63, the white-haired Englander says he has no plans to retire.

“I have no place to go,” he says. “My wife didn’t marry me to have lunch.

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