(Bloomberg News) Brian Miller, who runs global trading at hedge fund Elliott Management Corp., is leaving after 21 years at one of the industry's top performers and may eventually start his own fund, according to a letter to clients.
Miller, 46, will initially manage his own money by forming a family office, Elliott said yesterday in the letter, a copy of which was obtained by Bloomberg News. Jon Pollock, 48, who is co-chief investment officer, will become chief trading officer, said the firm, which oversees $20 billion. Peter Truell, a spokesman for New York-based Elliott, declined to comment.
Billionaire Paul Singer started Elliott in 1977 and has returned an annual average of 14 percent, with just nine losing quarters in its 35-year history, according to the firm. The firm's Elliott International Ltd. fund returned 3.1 percent in the first five months of the year, according to the latest update sent to investors. Hedge funds overall gained 0.64 percent, according to data compiled by Bloomberg.
Miller, who became an equity partner in Elliott in January last year, will relinquish that interest while remaining an investor in the fund, according to the letter.
Elliott also said it will be promoting Rich Ritholz, 49, who runs the fund's commodities and energy team, and Steve Kasoff, responsible for structured products and global real estate, to the firm's risk committee. Ritholz, who joined Elliott in 2005, and Kasoff, 41, who has been with the hedge fund for almost a decade, will report to Pollock and remain members of Elliott's management committee, according to the letter.