Izzy Englander Loosens Grip on Hedge Fund Giant Millennium (1)

For over three decades, Israel “Izzy” Englander has held tight to his hedge-fund colossus, Millennium Management.

Now, at 77, he’s ready to loosen his grip — a little, at least — on his firm that oversees more than $79 billion.

For the first time, the multibillionaire has parted with a small stake in Millennium, selling about 15% to long-time clients, senior executives and wealthy outsiders, according to people familiar with the matter. The sale values Millennium at around $14 billion, said the people, who asked not to be identified citing private information.

The move is a tacit recognition that the ...