NYT – Israel A. Englander is known for keeping a very low public profile, even for a billionaire hedge fund manager. But recently, the founder of Millennium Partners shared his views on the state of the hedge fund industry in a keynote address at the Absolute Return Symposium in New York.

While outside media wasn’t invited to the symposium, DealBook has obtained a copy of Mr. Englander’s address. Here are some of the highlights. (Read the full text after the jump.)

Mr. Englander spoke of a shift in the “balance of power” between hedge fund managers and their investors in the wake of the financial crisis. Millennium is feeling the pressure to increase “investor friendliness,” he said at the symposium earlier this month, and the firm has embraced the change, especially in the area of transparency. “We’ve allowed investors to see a lot more than we used to” and have brought in independent third parties to review and verify various aspects of the business, he said.

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