Millennium Vets Mull Hedge Fund Options

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.

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