new hedge fund mill hill secures investment from protege _ reuters
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12/7/2016 New hedge fund Mill Hill secures investment from Protege | Reuters
http://www.reuters.com/article/hedgefundsmillhillidUSL1N1CN147 1/4
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FUNDS NEWS | Tue Oct 18, 2016 | 8:00am EDT
New hedge fund Mill Hill securesinvestment from Protege
By Svea Herbst-Bayliss | BOSTON
Oct 18 Former Macquarie portfolio manager David Meneret has secured financialbacking from Protege Partners for his new hedge fund, Mill Hill Capital, the fund andfirm said on Tuesday.
New York-based Mill Hill Capital, which will focus on investments in corporate andsecuritized assets including bonds and collateralized loan obligations, plans to starttrading in November.
Neither the fund nor the firm would say exactly how large Protege's investment will be.Protege has spent between $50 million and $125 million on each of its most recentdeals.
"This relationship will provide Mill Hill Capital the opportunity to gain critical mass andfoster the growth of the firm," Meneret said.
Raising money for hedge funds has become tougher as some big investors such aspension funds are rethinking their commitments in the wake of poor returns and highfees. This has prompted many smaller startups to try to obtain so-called seed money.
As a trained engineer with degrees from Columbia and the Ecole Centrale Paris,Meneret has spent the last year readying the new fund's launch with the help of formercolleagues from global investment banking group Macquarie. Mill Hill now employs sixpeople and will be largely numbers oriented, relying heavily on data and buildingmodels to make all types of trading decisions, Meneret told Reuters.
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12/7/2016 New hedge fund Mill Hill secures investment from Protege | Reuters
http://www.reuters.com/article/hedgefundsmillhillidUSL1N1CN147 2/4
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Meneret's team includes former Macquarie colleagues Gaurav Singhal, Hongwei Chengand Robert Perdock. They have experience running a so-called market-neutral relativevalue credit hedge fund that seeks to exploit differences in the price or rate of similarsecurities, after having worked at the Macquarie Credit Nexus Fund. David Modianojoined Mill Hill as head of business development and investor relations early this year.
Meneret also worked at UBS as a trader from 2006 to 2008 where he made successfulbets against financial institutions.
Meneret said Mill Hill will be able to make money inmarkets that rise and fall, and that his only fear is thatnothing moves. The average relative value orientedhedge fund has gained nearly 6 percent this year, datafrom Hedge Fund Research shows.
"In a world dominated by beta, this is a refreshingchange," said Adil Abdulali, senior managing directorat Protege Partners, said about Mill Hill's strategy.
(Additional reporting by Lawrence Delevingne; Editingby Will Dunham)
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12/7/2016 New hedge fund Mill Hill secures investment from Protege | Reuters
http://www.reuters.com/article/hedgefundsmillhillidUSL1N1CN147 3/4
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BREAKING NEWS: Two juveniles charged with arson in connection with Tennessee wildfire -authorities
12/7/2016 New hedge fund Mill Hill secures investment from Protege | Reuters
http://www.reuters.com/article/hedgefundsmillhillidUSL1N1CN147 4/4