New Hedge Fund Gets Backing From Protege

Startup hedge fund Mill Hill Capital was seeded this month by Protege Partners, according to the firm.

Mill Hill was founded in 2015 by investment management vet David Meneret, who previously worked at Macquarie in various roles since 2008, including head of securitized debt and financials trading.

The size of Protege’s investment is unknown. In the recent past, the firm has seeded managers with dollar amounts between $50 million and $125 million.

More info on Mill Hill, from Reuters:

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 former colleagues from global investment banking group Macquarie. Mill Hill now employs six people and will be largely numbers oriented, relying heavily on data and building models to make all types of trading decisions, Meneret told Reuters.

Meneret’s team includes former Macquarie colleagues Gaurav Singhal, Hongwei Cheng and Robert Perdock. They have experience running a so-called market-neutral relative value credit hedge fund that seeks to exploit differences in the price or rate of similar securities, after having worked at the Macquarie Credit Nexus Fund. David Modiano joined Mill Hill as head of business development and investor relations early this year.

FinAlternatives has some insight on Mill Hill’s strategy:

The new manager’s strategy will be focused on market-neutral relative value trading in U.S. credit, seeking opportunities across CLOs, corporate financials, corporate transportation, aircraft ABS, esoteric ABS, non-agency mortgage-backed securities, and credit indices, according to the company.

Mill Hill will reportedly utilize a combination of asset-level fundamental analysis and market-implied data-driven proprietary cash flow models to identifying long/short opportunities across asset classes, as well as a systematic approach to risk and portfolio management.

Mill Hill plans to start trading in November.