Friday, 27 November 2015
Last updated 1 hour ago
Apr 22 2010 | 12:22pm ET
After weighing his options, Albert Ee is going it alone.
The former head of Millennium Management’s Asia business has started a hedge fund firm of his own, Pilgrim Partners Asia, and plans to launch its first fund next month. The Pilgrim Asian Macro fund will debut on May 3 with about US$28 million, much of its from Ee himself, his family and his friends.
About half of the money is in Pilgrim’s managed accounts, which launched on April 1.
Ee told Bloomberg News that the time is right for global macro.
“Factors that would move the market right now are uncertain,” he said. “My trading horizon would be shorter this year; we intend to stay nimble and alert.”
Ee did say that he is concerned about the risks posed by sovereign debt, China’s property bubble and central bank’s tightening.
The Pilgrim fund will trade foreign exchange, commodities, equities and interest-rate futures. The fund is aiming for returns of 12% to 15% annually and will charge 1.5% for management and 20% for performance.
Ee said he hopes to raise US$300 million within three years.
“After six to nine months, we hope to start seeing institutional money coming into the fund, once we build a track record,” Ee said.
Ee spent about two years as Millennium’s managing director in Asia after heading operations in the region for Citigroup’s former hedge fund unit, Tribeca Global Management. In December, he said he planned to launch a global macro hedge fund, but was still mulling offers to join an existing business.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…