Multi-managers 101

Richard Toad

20 Nov 2025 — 9 min read

What is a multi-manager?

A multi-manager ("MM") hedge fund is an investment firm consisting of many portfolio managers (PMs) managing portfolios autonomously. Each portfolio is referred to as a "pod", where PMs have complete discretion on how to construct their portfolio and have minimal interaction with the other pods, which is why MMs are also known as “pod shops.”

Left to right: Israel Englander, founder of Millennium Management; Ken Griffin, founder of Citadel LLC; Steve Cohen, founder of Point72 Asset Management

What problem does the pod model solve?

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