Apollo's Asia-Pacific COO quits private equity for hedge fund Millennium
Private equity has been hiring senior figures from hedge funds this year, usually in tech, but the traffic isn't all one way. The Singapore-based executive of private equity giant Apollo has crossed over to hedge fund Millennium.
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Mark Berg has joined Millennium in Singapore as its Asia-Pacific chief financial officer. He spent the past three years at Apollo, also in Singapore, as the private equity firm's Asia-Pacific chief operating officer.
Outside of a stint in Hong Kong, Berg was based in New York for the rest of his career. He began life as an investment banker, like many private equity professionals, at Citi. He left as an analyst for Blackrock, before returning to banking with JPMorgan as an executive director in strategy and business development. He first entered private equity as an MD in portfolio management for real estate firm Greystar, where he spent three and a half years before joining Apollo.
Millennium is going through changes at the moment with how it handles money. The FT says the fund is increasing its proportion of external teams, handing out cash to star traders to start their own trading firms, rather than relying solely on its internal pods. In Asia, one such trader Millennium has invested in is Hong Kong-based Robert Tau, who the fund allocated $1.5bn last December to build his own macro fund. As Millennium's ambitions grow increasingly complex compared to a standard multistrategy hedge fund, the finance team, and thus Berg, might have their work cut out for them.
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