The talent flow between private equity and hedge funds continues, with Apollo’s Asia-Pacific Chief Operating Officer, Mark Berg, making the switch to Millennium Management as its new Asia-Pacific Chief Financial Officer in Singapore, according to a report by eFinancial Careers.
Berg’s departure from Apollo Global Management, where he spent three years as COO in the region, highlights the increasing demand for seasoned private equity executives in the hedge fund world — especially as Millennium undergoes a strategic shift in its investment approach.
Berg began his career in investment banking at Citi before moving to BlackRock and later JPMorgan, where he worked in strategy and business development. His entry into private equity came through Greystar, a real estate investment firm, before joining Apollo in Singapore.
Berg’s transition underscores the increasing complexity of multi-strategy hedge funds, which are adopting new financing models and expanding their regional influence.
Millennium, one of the world’s largest hedge funds, is reshaping how it allocates capital by increasing its reliance on external trading teams rather than solely internal portfolio managers.
In Asia, this strategy was exemplified by Millennium’s $1.5bn allocation last December to Hong Kong-based macro trader Robert Tau, who launched his own fund with the backing of the hedge fund giant. This shift marks a departure from traditional multi-strategy hedge fund models, making Berg’s financial oversight role even more critical.
