How hedge funds became a bright spot in a nasty job market

Getty Images; Tyler Le/BI

Izzy Englander's Millennium has a problem. The firm has $86.3 billion and not nearly enough people to invest it.

More than any other hedge fund, Millennium has tried to solve this talent shortage through flexibility.

It's been flexible about where its portfolio managers live, allowing a select few to set up in tax havens such as Puerto Rico and Dubai. It lets some PMs start their own firms while continuing to manage Millennium's money. It has offered...