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Millennium-backed Taula setting up Milan office

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Taula Capital Management, the new hedge fund founded by former Millennium Management Portfolio Manager Diego Megia, which is set to begin trading later this quarter, is setting up an office in Milan, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as confirming that Taula Capital’s new trading outpost will complement the firm’s existing presence in London, New York, Dubai and Jersey.

Taula is the latest in a number of hedge funds to establish a presence in Milan, with Point72 Asset Management and Capstone Investment Advisors also among those setting up shop in the city and benefiting from Italy’s generous tax breaks, including a €100,000 ($106,550) flat tax on income earned abroad.

Megia, who specialises in relative value rates trading, is expected to begin operations with as much as $5bn in capital, with $3bn of that total coming from former employer Millennium. Members of Megia’s Millennium trading team have moved to Taula and the firm is also recruiting outside talent, including Ilana Kaufman, who has joined as a Fixed Income Portfolio Manager from Bank of America.

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