Ex-Citi Emerging Markets Head Plans Hedge Fund

Aug 26 2013 | 10:32am ET

Former Citigroup emerging-markets stock-research chief Rhys Summerton is set to launch a hedge fund with upwards of US$50 million in initial assets.

Ascot, U.K.-based Milkwood Capital will launch its maiden fund in September, Bloomberg News reports. Summerton plans to put US$20 million of his own fortune into the project and has won “indications of interest” from potential clients exceeding US$50 million, he said in a pitch letter.

Milkwood will employ a global long/short equity strategy, he said.

Summerton spent more than a decade at Citi, rising from head of research for Central and Eastern Europe, the Middle East and Africa to lead the emerging-market equity team in 2010. He left the bank in 2010.

Milkwood has signed Morgan Stanley to serve as its prime broker.

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