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.