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5 Mar 2008

Millennium Buys Ex-JPMorgan Hedge Fund

Hedge fund manager Millennium Capital Management announced the acquisition of Castlegrove Capital, a London based multi-strategy hedge fund active in global equity markets.

Castlegrove was set up by three ex-managing directors of JPMorgan's Global Equity derivatives group. The terms were not disclosed, but some of Castlegrove’s portfolio managers and support personnel will join Catapult Capital Partners, the London-based affiliate of parent Millennium Group, according to a news release.

"With this acquisition, we obtain a broader base in Europe and continue to participate actively in the consolidation of the hedge fund industry." Israel Englander, Chairman of Millennium, said. "We believe that we offer an attractive platform to talented portfolio managers who want to be freed of the administrative, legal, compliance and fund-raising burdens that attend the business of managing a hedge fund."

With $13 billion in assets under management, Millennium Capital Management is based in New York with affiliated offices in London, Beijing, Paris, Luxembourg, Singapore, Dallas, Texas and Greenwich, Connecticut.

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