Millennium Vet Ee Readies Asia Macro Hedge Fund

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.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Videos

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.