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

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note