Millennium Vet To Launch Commodity Fund In Jan.

Nov 23 2009 | 6:16am ET

A former Millennium Capital Partners commodity fund manager will launch his own commodity hedge fund in the New Year.

The AN Commodity Fund is the brainchild of Tan Tien Leong, who worked at Millennium in London for two years. The new Singapore-based fund will invest in exchange-traded derivatives, with 30% of the fund in energy, 30% in agriculture and 25% in precious metals.

Tan told Bloomberg News that gold—which has already made a number of prominent hedge fund managers a mint this year—could do even better next year, potentially doubling in price by the end of 2010.

AN, which means peace in Mandarin, will debut in January with US$10 million in assets.

Joining Tan, who spent five years at Goldman Sachs before joining Millennium, at the new venture are Tan Chay Chang as a director and Joanna Han as risk management manager. Both join AN from Asia Genesis Asset Management.

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