Monday, 30 March 2015
Last updated 45 min ago
Feb 1 2010 | 1:36pm ET
Two Millennium Management veterans, including the hedge fund’s former top man in Asia, are poised to return to the hedge fund industry.
James Sullivan, who was managing director of Millennium’s Singapore office, and Harvey Liu, who worked as a portfolio manager in that office, are considering joining a hedge fund or founding one of their own. The two have also had discussions about joining a bank, Bloomberg News reports.
For now, Sullivan’s preference seems to be to join an existing organization.
“Ultimately, the best case scenario is leveraging the resources and capabilities of a larger organization that may or may not be that familiar with operating that business in Asia, and helping them to build out a broader platform and business,” he told Bloomberg.
But he’s not ruling out founding his own Singapore-based hedge fund, which would target returns in the high teens.
“Our goal is to build a sustainable business focused on risk-adjusted returns,” he said.
“The strategies that I’ve run across the last couple of firms that I’ve worked for have all been negatively correlated to most of the major market indices and yet made money. It provides significant diversification on a non-correlated basis.”
Those firms include Citadel Investment Group, where Sullivan worked in Hong Kong for more than three years, and Oaktree Capital Management, where he spent two-and-a-half. Sullivan joined New York-based Millennium last January; he and Liu left the firm in December.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…