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Ex-Millennium Traders to Start Asian Equity Hedge Funds

Former traders at Millennium Management LLC plan to start new hedge funds that will mainly invest in Japanese equities to capture demand as the nation’s equities rebound from the worst year since 2008.

The Japan-focused Terra Grove Japan Fund and the Terra Grove Pan Asian fund, which will invest in Japan, Hong Kong, Australia, South Korea and Taiwan, will start in May with total capital of about $25 million, said Tetsuo Ochi, chief executive officer of Hong Kong-based MCP Asset Management Co., the investment manager. Both funds aim to raise about $150 million each in about a year, after which they will stop taking money from clients until they enhance the trading models, Ochi said.