Hedge Funds

Ex-Tiger veteran Lyle's Millgate ramps up after 18% 2008 gain

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Millgate Capital, the value-based manager that is one of the oldest long/short global non-US equity funds, is stepping up its fundraising efforts and expanding its European activities in a bid to grow the business at a time when many other hedge funds are contracting.

Founded by ex-Tiger Management managing director James Lyle and former Salomon man Martin Woodcock back in 1997, Millgate returned more than 18% in 2008 - a year when most global and emerging market equity funds took big losses.

Over its 12-year life, the $1.1 billion fund has a strong track record - with an annualised return