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

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

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

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

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.