James Sullivan, a former managing director of Millennium Management LLC’s Asian business, said he joined JPMorgan Chase & Co. as head of Asia telecom research and telecom, Internet and new media strategist.
Sullivan, who is based in Singapore, said he plans to rebuild JPMorgan’s telecommunications research team in the region following recent departures of analysts including the former head of Asia telecom research, Timothy Storey. Sullivan previously managed investments in Asian telecom, media, Internet and gaming stocks at Millennium in Singapore.
Sullivan, 36, said he wants to “marry the buy and sell side experiences” he’s gained managing portfolios at Millennium, Citadel Investment Group LLC and Oaktree Capital Management LLC, and as a Bangkok-based equities analyst at Credit Suisse Group AG’s brokerage unit in the past 10 years.
“There are some pretty good fundamental analysts out there; there are some very good trading-oriented analysts out there,” Sullivan said in an interview. “Personally I haven’t seen a team that is effectively married with two sides of that coin; that’s where the real power is in my mind.”
Sullivan decided against starting his own hedge fund in Singapore as Asian managers, especially startups, are finding it difficult to raise money after the financial crisis.
The average size of a fund launched last year fell to $40 million, half the amount in 2007, according to GFIA Pte, which advises investors seeking to allocate money to hedge funds. About 70 percent of funds launched in the past two years had $50 million or less as of March 31, according to the Singapore-based firm, which also runs a wealth management business.
Sullivan will also be responsible for strategy across the telecom, Internet and “new media” industries at New York-based JPMorgan, he said.
Assets under management at New York-based Millennium, run by Israel Englander, have shrunk to $7.5 billion, according to the firm’s Web site, compared with about $13.5 billion more than a year ago. Singapore-based senior managers who left Millennium since late last year include Daniel Chuman and Albert Ee, who set up a hedge fund in the city-state.