| Greater China-related hedge fund industry news |
| Chinese Alpha |
 |
 |
 |
 |
 |
 |
 |
 |
 |
20 Oct 209
Grace Foo (ex-DKR Oasis) has joined Ajia Partners as Head of Research. Kelvin Cheng
(ex-Citi) has also joined Ajia.
Stark Investments, the US-headquartered US$7.5bn hedge fund manager, is losing its
Asian teams in Hong Kong and Singapore. Portfolio managers Stu Wilson and Teall Edds
are taking over funds, offices and people and naming their new business Orchard Capital
Partners.
19 Oct 2009
Hong Kong-headquartered PMA has launched the PMA India Fund which is managed by
Anoop Villait.
Galaxy Asset Management, headed by Joe Chan, is rolling out the Galaxy China Deep
Value Fund.
Senrigan Capital, headed by Nick Taylor (ex-Citadel and Modal), has reportedly received
US$150m of seed money for a new event-driven fund from Blackstone. Senrigan is
expected to launch in November with US$220m in AUM which would make it one of the
largest Asia-focused hedge fund launches in 2009.
Ajia Partners in Hong Kong has teamed up with Impax Asset Management in the UK to
launch a fund focused on Asian companies that will benefit from the fast growing
environmental market. David Li and Bruce Jenkyn-Jones will co-manage the fund.
Samena Capital and Argyle Street Management, the Asian debt specialist, have jointly
launched an Asian bond fund.
15 Oct 2009
As of March 2009, Hong Kong is home to 209 active hedge-fund management firms that
manage a total of 542 funds and US$55.3 billion in assets (down from US$90.1bn in March
2008), according to Hong Kong's Securities and Futures Commission.
8 Oct 2009
Raaj Shah (ex-Och-Ziff) has launched the Matchpoint Asia Fund at close to US$50m. The
investment team, based in Hong Kong, will invest in under-researched and mis-priced
Asian securities.
7 Oct 2009
FRM Capital Advisors, FRM's seeding arm, has made its first investment in an Asian hedge
fund. It has invested an undisclosed amount in Isometric Capital Management, headed by
Sanjiv Bhatia (ex-Deephaven and Goldman Sachs).
6 Oct 2009
Ted Lee is understood to have left Sparx's fund of hedge funds business in Hong Kong.
2 Oct 2009
The Hong Kong-based Greater China hedge fund manager Triskele Capital has launched
a convertible bond fund. The portfolio manager is Shiba Tsuyoshi and the fund's AUM is
US$30m.
29 Sep 2009
London-based hedge fund manager Capula Investment Management has reportedly won a
US$200m mandate from China Investment Corporation.
25 Sep 2009
Cranmore Capital Advisers, Kurt Baker's hedge fund platform, has hired Ben Homer (ex-
Elliott Advisors) as COO.
23 Sep 2009
John Liu (ex-SAC) at HAN Capital Management is launching a Great China focused equity
long/short arbitrage fund with two partners. The fund is the first quantitative market neutral
fund in China to arbitrage short-term market inefficiency across China A shares and Hong
Kong H shares. HAN Capital will open an office in China in addition to its New York
headquarters.
Nathan Davison (ex-Merrill Lynch) has been hired by Deutsche to co-head Asian prime
finance.
22 Sep 2009
Kamni Bharwani, who left SAIL earlier this year, has turned up at Rockhampton's fund of
funds business, where she is reunited with old mate Denise Hu.
18 Sep 2009
Omnix Capital in Hong Kong has launched the Omnix Multistrategy Fund with an initial AUM
of US$20 million. Joint portfolio managers are Paul Penkett and Stephen Cheng (both ex-
Lehman). Carl O'Connell (ex-DKR Oasis and TPG Axon) has joined them as COO.
16 Sep 2009
Rocco Paduano (ex-HSH Investment Partners, Goldman Sachs and Morgan Stanley) has
joined Credit Suisse as Asia-Pacific COO for prime services.
15 Sep 2009
Hong Kong-based fund of hedge funds manager Vision Investment Management has
bought a majority stake in Harmony Capital Managers, an event-driven hedge fund
manager.
10 Sep 2009
Bank of China is reportedly planning to launch a fund of hedge funds in 2010.
7 Sep 2009
Hong Kong-based Pacific Century Group, owned by Richard Li, is taking over AIG's
investment advisory and asset management business.
4 Sep 2009
The Financial Supervisory Commission (FSC), Taiwan's regulator, is stepping up its efforts
to control the marketing activities of unregistered offshore investment providers. The FSC
has recently started a campaign to warn local investors not to invest with unlicensed
providers. The FSC campaign also aims to remind offshore investment providers that all
unlicensed marketing activities in Taiwan are illegal.
3 Sep 2009
Next month, SYWGAM is launching its first Chinese fund of funds, the SWS China
Transformers Fund. The new fund of funds will invest with fund managers based in the
People's Republic of China and aims to provide exposure to local Chinese absolute return
funds for international investors. SYWGAM is a subsidiary of Shenyin & Wanguo Securities
Co.
30 Aug 2009
China Investment Corporation, China's sovereign wealth fund, is investing billions of
dollars in hedge funds and private-equity funds, according to its chairman, Lou Jiwei. The
fund has a total of US$297.5 billion in assets, most of it in cash and cash equivalents.
22 Aug 2009
According to a report by Hedge Fund Research, 24% of Asia-focused hedge funds are now
located in Greater China.
21 Aug 2009
New York-based hedge fund Tiger Asia Management is being accused of insider trading by
the Securities and Futures Commission, the Hong Kong regulator. According to the SFC,
three senior Tiger Asia employees used insider information to sell short shares in China
Construction Bank.
19 Aug 2009
The Hong Kong-based Minerva Macro Fund has received a seed investment of US$50m
from Man Investments. Minerva is run by Stanley Ku (ex-Fortress) and Dorothy Lau (ex-J.P.
Morgan and Goldman Sachs).
18 Aug 2009
HedgeFund.net's HFN China Average hedge fund index was +10.84% in July and +35.61%
YTD.
12 Aug 2009
Roger Lee (ex-Nikko Asset Management in Singapore) has joined Tarascon Capital, a
Hong Kong-based US$30 million hedge fund set up in 2007 by Jonathan Iu.
UBS has appointed Ashley Jarvis as Asia-Pacific head of prime broker sales. He will be
based in Hong Kong.
3 Aug 2009
Carol Shing has left Marco Polo Pure Asset Management in Hong Kong.
The Securities and Futures Commission, the Hong Kong regulator, is considering making
short selling reporting mandatory.
2 Aug 2009
Danny Hegglin (ex-Morgan Stanley) has joined TT International, a US$3 billion hedge fund
firm, as partner. Hegglin will continue to be based in Hong Kong to lead TT's Asian
business.
31 Jul 2009
Citigroup has appointed Rimmo Jolly to the newly created position of the head of prime
finance sales and capital introduction for Asia Pacific. Jolly will relocate from San Francisco
to Hong Kong to take up the new role.
Hong Kong-based distressed/special situations manager ADM Capital will launch a new
fund at the end of August with US$100 million of seed capital from an American institution.
30 Jul 2009
China Investment Corporation will invest US$700m with the funds of hedge funds of
Blackstone and Morgan Stanley Investment Management.
28 Jul 2009
Joanne Bryant-Rubio, ex-CLSA and Atlas Capital, has joined Merrill Lynch's prime
brokerage in Hong Kong in an Asian capital introduction role.
27 Jul 2009
Bob Howe's Hong Kong-based fund management company Geomatrix has re-launched its
Akamai Pan-Asia Fund as the Opera Pan-Asia Fund in early July. This follows the recent
acquisition of Geomatrix by financial consulting company Opera Solutions. The investment
team has been expanded by the addition of trader Oliver Zeng (ex-Susquehana and State
Street).
23 Jul 2009
Hong Kong-based Liu Yang, who heads Atlantis Investment Management's China
business, has also taken over as chairman of and chief investment officer of Atlantis, a
US$2.6 billion asset manager. She replaces Tony Jordan who has recently left Atlantis.
Hong Kong-based fund of hedge funds manager Persistent Edge has hired Peter Wu (ex-
BNP Paribas, Societe Generale, ABN AMRO, China Everbright Bank, Bank of China) as an
executive director responsible for marketing and investor services in the Greater China
region.
20 Jul 2009
Hong Kong hedge fund Tribridge Investment Partners has hired John Liptak (ex-Bank of
America) to manage its new Tribridge Asian Special Situations Fund, which is planned to
launch in August.
Ryan Fong Yen-hwung, formerly a portfolio manager at Hong Kong hedge fund HSZ, has
been sentenced to one year in jail and a fine of HK$1.4 million for insider trading.
14 Jul 2009
Winton Capital Management, a London-headquartered hedge fund manager with US$12
billion in AUM which opened a Hong Kong office last December, is looking to hire one or
two researchers with a focus on the Chinese markets.
10 Jul 2009
Ronnie Wu, CIO of fund of funds manager Penjing Asset Management in Hong Kong, plans
to start seeding early stage Asian hedge fund managers in August. Earlier seeding deals
by Penjing have been in the US$5 million to US$15 million range, while the new seeding
effort may invest up to US$25 million.
9 Jul 2009
Benjamin Happ, formerly head of business development at hedge fund Abax Capital in
Hong Kong and Morgan Stanley' prime brokerage in New York, has joined Credit Suisse's
Asian prime brokerage in a capital introduction capacity.
Ryan Fong, ex-hedge fund HSZ, has admitted to insider trading of Hong Kong-listed shares
of Media Partners International Holdings in 2005. He will be sentenced next week.
8 Jul 2009
Eddie Kir, formerly of China Everbright Asset Management, has joined Shenyin Wanguo
Asset Management as Sales & Marketing Director. Shenyin Wanguo plans to launch a
China themed hedge fund in the near future.
6 Jul 2009
Raymond Foo (ex-Brevan Howard) has joined Veritas Asset Management as a senior
analyst in Hong Kong. Veritas has US$1.6 billion in AUM and manages both hedge funds
and long-only funds.
3 Jul 2009
Tahan Capital Management is launching a hedge fund investing in Asian high yield and
distressed securities, credit long/short, and macro strategies. Tahan is headed by Ng Yong
Ngee and the senior management team also includes Chia Tse Ern (ex-GLG, Jabre
Capital); Bryan Choo (ex-Schroders, UBS); Charles Ooi (ex-HSBC, UBS) and Joseph Lam
(ex-Deutsche Bank, Morgan Stanley).
1 Jul 2009
Scott Krusemark, formerly Asian director of Deephaven Capital in Hong Kong, has joined
Victory Park Capital as CFO.
29 Jun 2009
Asia's 25 biggest hedge funds as of April 1, 2009
1..Sparx Group (Tokyo) US$4.82bn
2. Value Partners (HK) US$3.19bn
3. Artradis Fund Management (Singapore) US$2.722bn
4. ADM Capital (HK) US$2.2bn
5. Arisaig Partners (Singapore) US$1.996bn
6. Penta Investment Advisers (HK) US$1.910bn
7. Pacific Alliance Investment Management (HK) US$1.450bn
8. Target Asset Management (Singapore) US$1.400bn
9. Aisling Analytics (Singapore) US$1.186bn
10. Ortus Capital Management (HK) US$805m
11. LIM Advisors (HK) US$800m
12. Tree Line Investment Management (HK) US$760m
13. JL Capital (Singapore) US$618m
14. Sofaer Capital (HK) US$610m
15. Symphony Financial Partners (Singapore) US$600m
16. Asia Genesis Asset Management (Singapore) US$599m
17. Tower Investment Management (Tokyo) US$581m
18. Ward Ferry Management (HK) US$575m
19. Income Partners Asset Management (HK) US$520m
20. Lapp Capital (Singapore) US$500m
21. UG Investment Advisers (Singapore) US$496m
22. Argyle Street Management (HK) US$458m
23. Abax Global Capital (HK) US$455m
24. Brooke Capital (HK) US$450m
25. Asuka Asset Management (Tokyo) US$428m
Source: Alpha Magazine
Melbourne-based Kima Capital, headed by Justin Klintberg (ex-Marble Bar), is launching a
pan-Asian long/short fund this week. The bulk of the fund's assets will be invested in
Australia, Japan, Hong Kong, China and Singapore. KIma's Asian strategy combines
arbitrage, event driven and corporate events. Klintberg has recruited Michael Gallagher (ex-
Macquarie Bank and Rand Merchant Bank) as CEO. The fund will be launched with A$15
million in AUM.
26 Jun 2009
Masaki Taniguchi has been appointed the new President of Sparx Asset management,
Asia's largest hedge fund manager. Taniguchi-san previously ran Sparx's Hong Kong office
and prior to joining the firm he was at Goldman Sachs Asset Management.
25 Jun 2009
Shanghai Securities News has reported that the China hedge fund industry now has over
RMB20 billion in assets under management.
24 Jun 2009
Sumitomo Trust Finance in Hong Kong has launched a new Japanese equity long/short
fund. The Tactical Equity Concepts-Japan Fund is being seeded by Sumitomo Trust &
Banking, Japan's fifth largest bank, with just over US$100m.
Aksia, with offices in the US and Asia, has won Institutional Investor magazine's Hedge
Fund Consultant of the Year Award.
23 Jun 2009
Charlotte Stopford Sackville is no longer with Stark Investments. She was the firm's Hong
Kong-based investor relations person for Asia.
Ryan Bacher, Asian co-head of prime brokerage at Deutsche, has resigned. He is
reportedly joining Barclays Capital in a senior prime brokerage role in Asia.
18 Jun 2009
Felix Chee, adviser to China Investment Corporation, the US$200 billion sovereign wealth
fund, said at an industry conference that it aims to make investments in hedge funds
through managed accounts in the near future.
Kurt Baker, formerly Asian head of Morgan Stanley's prime brokerage, has revealed that he
intends to launch a hedge fund platform in Hong Kong in the near future.
16 Jun 2009
Hong Kong-based FoFs manager SAIL Advisors will take over the running of three ING
Alternative Asset Management FoFs funds. As part of the deal, Harold Yoon, CIO and head
of ING’s FoFs business will also join SAIL as its new CIO. The current CIO, Eliza Lau, will
retire from her role but will remain as an advisor to the firm in the near term. SAIL will also
set up an office in New York.
11 Jun 2009
London- and Hong Kong-based mCapital (set up by Mark Devonshire, ex-Merrill Lynch) will
launch its European and Asian Special Situations Fund at the end of June. The strategy is
focused on stressed, distressed, recovery and development capital in Europe and Asia.
9 Jun 2009
Morgan Stanley is starting to build up its Asian prime brokerage...again. SAIL's Marcella Lui
has been hired as a capital introduction specialist in Hong Kong and Keiko Kawauchi has
returned to the firm she left last year to be in charge of cap intro in Japan.
3 Jun 2009
Vision Investment Management in Hong Kong has sold its seeding business, Vision Asia
Pacific, to Samena Capital in London. As part of the deal, Vision will become a shareholder
in Samena and Vision CEO Jerry Wang will join Samena's board. At the same time Vision
is expanding its core fund of funds business by hiring three marketing professionals in
New York and London.
28 May 2009
Deepstream Capital in New York is reportedly close to making a deal with Primus Financial
in Hong Kong for a US$200m seed investment for a distressed hedge fund. The fund will
be managed by Randy Barker and Geoff Coley (both ex-Citi). Hong Kong-based Primus
Financial was set up in April with US$1 billion from a wealthy family in Asia.
27 May 2009
UBS's Asian head of prime services, Matt Pecot, has joined Credit Suisse in a similar role.
21 May 2009
Abax Global Capital in Hong Kong, partly owned by Morgan Stanley, is opening its Tudor-
seeded Asian macro fund to outside investors. It also promises to refund part of its
performance fee if the fund loses money in the subsequent year.
19 May 2009
Jim Fallon, formerly a capital introductionist at Morgan Stanley, has joined the prime
brokerage business of Merrill Lynch in Hong Kong. He most recently had a stint at fund of
funds manager Tremont. He will be part of the Asia-Pacific financing sales team but also
handle capital introduction for Merrill Lynch's hedge fund clients.
15 May 2009
Asia-focused hedge funds have gained more than 8.5% YTD, including a 7% increase in
April, according to the HFRI Emerging Markets Asia ex-Japan Index.
The Blackstone Group has cancelled its plan to launch a US$1 billion Asian event-driven
hedge fund.
13 May 2009
Anderson Choi, previously of Triple A Partners and Shinko Securities, has joined the
Japanese institutional sales department of CITIC Securities International in Hong Kong.
12 May 2009
Bloomberg reports that Shafiq Karmali (ex-Goldman Sachs) plans to start an Asian equities
long/short hedge fund in August. Karmali's firm, Cypress Lane Capital, will be based in
Hong Kong.
10 May 2009
Brooke Capital in Hong Kong has hired James Cameron (ex-Pyrenees, Atlantis, Credit
Suisse) as an analyst to work on the East of Suez Fund, a long/short equity strategy.
8 May 2009
Income Partners Asset Management, a Hong Kong-based asset manager with US$620m,
has lifted its gates to allow investor redemptions again for the first time since October.
7 May 2009
New York-headquartered US$1.8bn credit hedge fund manager Claren Road has opened a
Hong Kong office. Richard Chun and Desmond Chum (both ex-Citi) have joined Claren
Road as portfolio managers in the new Asian office.
AIMA Hong Kong claims that Hong Kong is the largest hedge fund centre in Asia with
managers in the city overseeing US$22bn in AUM as of last December. Yes, perhaps, but
what about the pollution and all the noise? We still prefer Tokyo to Hong Kong. According to
AIMA, Hong Kong had 245 hedge fund managers at the end of 2008 and there were 30
hedge fund startups in Hong Kong in 2008.
6 May 2009
Hong Kong-based Enhanced Investment Products yesterday launched a new fund
investing in Asian high-yield convertible bonds with an initial AUM of US$17m. The PM is
Yvon Choi and the firm is also planning on hiring a senior credit and equity analyst for the
new fund.
30 Apr 2009
Kamni Bharwani, hedge fund analyst at fund of hedge funds manager SAIL in Hong Kong
for the past three years and prior to that a financial journalist, left the firm last month. Where
is she sailing? We've got an idea...
AsianInvestor magazine has announced the winners of its 2009 Investment Performance
Awards for institutional funds management. The winner in the Greater China category is
Triskele China Fund and Persistent Edge won the Asian FoFs house award.
Eurekahedge's Asian Hedge Fund Awards 2009 (to be held in Singapore on 29 May) has
released the shortlist for the Best Greater China Hedge Fund award: Credence Oriental
Partnership, Dragon Billion China Fund, LBN China + Opportunity Fund, Northwest China
Opportunities Fund, QBridge Fund, Spitzer Dragon Fund, Tairen China Fund and Triskele
China Fund.
29 Apr 2009
The Securities & Futures Commission in Hong Kong has been granted an injunction order
by the High Court to freeze more than US$110 million in assets of Hong Kong-based
hedge fund Descartes Athena Fund on suspicion of fraud.
27 Apr 2009
Credit Suisse Asset Management has appointed Conrad Yan (ex-AIG Investments) to
manage distribution of alternative investment products in Asia. Yan is based in Hong Kong.
Sail Advisors, the US$1.8bn Hong Kong-based FoFs shop, has hired Miodrag Janjusevic
as chief risk officer. Janjusevic, who is replacing Jeff Nie, joins from Deutsche Bank where
he was director of strategic solutions. Prior to Deutsche he spent 15 years at J.P. Morgan.
15 Apr 2009
John Ho, the Asian head of activist manager The Children's Investment Fund, is apparently
leaving the firm.
14 Apr 2009
Rockhampton Management is launching a fund of funds platform in Hong Kong. They have
recruited Denise Hu from SAIL to lead this new initiative.
10 Apr 2009
According to Asian Investor, former Hindsight portfolio manager Man Wing Chung is
rumoured to be making a return to the alternatives industry with a new Greater China hedge
fund he is launching together with LV Jun (ex-CIO at China International Fund Management)
and Taiwan specialist Peter Tang.
Thor Monsen has left the Hong Kong office of FoFs NewFinance Capital where he was a
senior hedge fund analyst.
9 Apr 2009
Hindsight Asset Management in Hong Kong is launching an Asian convertible bond
strategy together with Hamon Investment Group in a new joint venture called HSH
Investment Partners.
8 Apr 2009
According to The Wall Street Journal, the Church Pension Fund, a US$8 billion pension
fund serving the Episcopal Church, is opening a Hong Kong office. Eric Mason (ex-Carlyle
Group) has been hired to head the new office. The Asian office is understood to be covering
all asset classes including private equity, real estate and hedge fund investments in Asia.
1 Apr 2009
According to The Wall Street Journal, US hedge fund manager Och-Ziff Capital
Management will take a loss of about half of their investment in the Fisherman's Wharf
theme park and casino development project in Macau. It is believed that the fund manager
may withdraw from the project as the expected public stock offering in Hong Kong and a
planned doubling of the park size failed.
26 Mar 2009
Funds of hedge funds Persistent Edge China Partners Fund and Persistent Edge Asia
Partners Fund returned +3.53% and +2.21% respectively during the January to February
period. China Century Fund did +1.26% and Adept Capital +1.25% during the same period.
23 Mar 2009
Alleged hedge fund fraudster Albert Hu was arrested in Hong Kong last week. Hu reportedly
ran a number of fake hedge funds in California. Federal prosecutors in the US have
charged him with stealing millions from clients and lying about the safety of their
investments, promising annual returns of up to 30%. According to the prosecutors, Hu
wired the money received from investors to bank accounts in Singapore, Hong Kong and
Taiwan. The sham hedge fund management companies used by Hu included Asenqua
Capital Management, AQC Asset Management and Fireside Capital Management.
16 Mar 2009
London and Hong Kong-based hedge fund frim mCapital has appointed Banny Leung (ex-
Merrill Lynch) as senior partner in Hong Kong. Leung will be responsible for Asian special
situations.
13 Mar 2009
Xela Capital, a Taiwan-focused hedge fund managed by James Carroll, has been shut
down after running for a year. The fund significantly outperformed its benchmark index, but
factors such as the fund's small AUM and Taiwan's introduction of a shorting ban made it a
difficult strategy to run successfully. James Carroll is understood to be working on a new,
broader strategy to be launched later this year.
6 Mar 2009
Edwin Wong has founded SSG Capital in Hong Kong, which will manage an Asian
distressed investment strategy. Wong is joined at SSG by six of his former Lehman
Brothers colleagues.
2 Mar 2009
Ajia Partners, a Hong Kong-based hedge fund incubator and fund of funds, has launched a
new CTA-focused FoFs, the Explorers Fund.
24 Feb 2009
Chin Yee Yap, ex-Asian head of structured credit markets at Nomura in Hong Kong, is
setting up his own hedge fund firm called Gemini Capital. Prior to Nomura he spent 14
years at Lehman Brothers.
22 Feb 2009
Neil Scrase, who left Gottex last year, has resurfaced at Ballingal Investment Advisors, a
hedge fund firm in Hong Kong with 9 staff members and US$360m under management in
two Asian multi-asset hedge funds, both with positive returns for 2008.
16 Feb 2009
Mark Fuchs, ex-head of Southeast Asian equities at Credit Suisse, has set up Fuchs
Capital Partners of which he is now the CEO and CIO. The new firm plans to launch an
Asian equity long/short fund this spring focused on the Asean region. Fuchs has recruited
Winston Loke from Credit Suisse and Mark Maroongroge (ex-HBK) to join him at the new
firm.
13 Feb 2009
Over 80% of Asian hedge funds can’t charge their investors performance fees after
finishing 2008 below their peak net asset values, according to Eurekahedge. An estimated
one-third of the 1,000 Asian hedge funds tracked by Eurekahedge delivered positive returns
in 2008. This compares to 82% in 2007.
11 Feb 2009
HK-based hedge fund firm Doric Capital Corporation has been bought by the management
team comprising of Howard Wong, Jeff Liu and Rajesh Ranganathan. The team is backed
by strategic investor Hamon Investment Group. Doric’s founder, Michael Nock, will remain
a board member and also keep a smaller stake in the company.
10 Feb 2009
Pinpoint Investment Advisor's Rising China Fund has seen its AUM drop by 69% following
the departure by a key portfolio manager. The fund now has US$83m in AUM. CIO Wang
Qiang has now taken over the portfolio management.
9 Feb 2009
AUM in Asian hedge funds continued to fall in Q4 of 2008. Hedge Fund Research estimates
that a decline of nearly US$16bn has left Asian hedge funds with just over US$71bn in AUM.
Assets invested in Asian hedge funds peaked at US$111bn at the end of 2007. The decline
in Asian hedge funds in the second half of 2008 was 28.9%.
4 Feb 2009
Is the Middle Kingdom bouncing back? Well, not exactly but at least some of its hedge
funds have had a decent start to 2009 after a terrible 2008. Pacific Sun's China Mantou fund
was down 52.2% in 2008, but up 3% in January, a month when indices tracking large cap
China stocks were down between 8% and 10% as cash hungry foreign banks unloaded
their strategic stakes in their mainland counterparts, following the end of three-year lock up
periods.
RAB Capital has sold its Asian subsidiary Northwest back to its former owners, George
Philips and David Rogers, who have been working at RAB Capital since RAB took over their
business in September 2006.
3 Feb 2009
Chua Sue-wan has been appointed deputy group treasurer at The Hong Kong Jockey Club.
He will take over from Keith Yuen who left at the end of 2008 to join Principal Financial
Group as COO for Greater China. Chua joins from SEI Investments where he most recently
was head of alternative investments. Earlier in his career he worked at Rothschild Asset
Management and the World Bank. He will report to group treasurer Jacob Tsang.
1 Feb 2009
The AUM of Value Partners has reportedly shrunk to around US$3bn as of end of November
figures.
29 Jan 2009
In a ranking of the 25 biggest single-manager hedge fund firms in Asia (as of March 31st
2008) twelve of the managers are HK-based:
2. Value Partners (HK) US$5.9bn
6. Tree Line Investment Management (HK) US$2.2bn
8. Ortus Capital Management (HK) US$2bn
9. Ward Ferry (HK) US$2bn
10. ADM Capital/Asia Debt Management (HK) US$1.9bn
12. Pacific Alliance Investment Management (HK) US$1.6bn
13. Penta Investment Advisers (HK) US$1.5bn
14. Lim Advisors (HK) US$1.4bn
15. Sofaer Capital (HK) US$1.1bn
18. Income Partners (HK) US$970m
19. Nezu Asia (HK) US$900m
22. Argyle Street (HK) US$820m
Source: Alpha/Institutional Investor
28 Jan 2009
Threadneedle Asset Management has said that it expects Chinese equities to outperform a
recovery in Asia stocks based on both Beijing’s policy flexibility and projected solid
consumer spending through the global recession.
23 Jan 2009
The HFN China Average Index of Greater China-related hedge funds was down -34.57% in
2008. In both 2006 and 2007 it was up more than 50% in each year.
22 Jan 2009
London-headquartered Ecofin expands in Asia by relocating Nyree Hu from London to
Hong Kong. Hu will head up Asian marketing and investor relations.
21 Jan 2009
Macquarie Funds Group and Jim Rogers have joined together to create an agricultural
commodities index that reflects changes in food consumption patterns in China . The
Macquarie and Rogers China Agriculture Index is an investable index that tracks changes in
the price of a basket of agricultural commodities most commonly consumed in China.
20 Jan 2009
US-headquartered hedge fund manager AM Investment Partners, has launched an Asian
volatility fund in Hong Kong. The fund is managed by Craig James who has joined AM from
Deutsche Bank. At launch the fund had attracted more than US$100m in AUM.
Barclays Wealth has appointed Joanna Chu as co-head of private banking in North Asia .
She joins from Hang Seng Bank.
Sun Hung Kai Financial has launched a recovery fund that will be managed by Paulson &
Co in New York . The fund will identify investment opportunities within a select group of
distressed global financial companies worldwide.
19 Jan 2009
Yvon Choi, who recently shut down his own hedge fund Middle Island Capital, has joined
hedge fund Enhanced Investment Products as a trader of convertible bonds and equity
derivatives. Choi was previously at BNP Paribas and Nomura.
Grace Foo (ex-DKR Oasis) has joined Ajia Partners as Head of Research. Kelvin Cheng
(ex-Citi) has also joined Ajia.
Stark Investments, the US-headquartered US$7.5bn hedge fund manager, is losing its
Asian teams in Hong Kong and Singapore. Portfolio managers Stu Wilson and Teall Edds
are taking over funds, offices and people and naming their new business Orchard Capital
Partners.
19 Oct 2009
Hong Kong-headquartered PMA has launched the PMA India Fund which is managed by
Anoop Villait.
Galaxy Asset Management, headed by Joe Chan, is rolling out the Galaxy China Deep
Value Fund.
Senrigan Capital, headed by Nick Taylor (ex-Citadel and Modal), has reportedly received
US$150m of seed money for a new event-driven fund from Blackstone. Senrigan is
expected to launch in November with US$220m in AUM which would make it one of the
largest Asia-focused hedge fund launches in 2009.
Ajia Partners in Hong Kong has teamed up with Impax Asset Management in the UK to
launch a fund focused on Asian companies that will benefit from the fast growing
environmental market. David Li and Bruce Jenkyn-Jones will co-manage the fund.
Samena Capital and Argyle Street Management, the Asian debt specialist, have jointly
launched an Asian bond fund.
15 Oct 2009
As of March 2009, Hong Kong is home to 209 active hedge-fund management firms that
manage a total of 542 funds and US$55.3 billion in assets (down from US$90.1bn in March
2008), according to Hong Kong's Securities and Futures Commission.
8 Oct 2009
Raaj Shah (ex-Och-Ziff) has launched the Matchpoint Asia Fund at close to US$50m. The
investment team, based in Hong Kong, will invest in under-researched and mis-priced
Asian securities.
7 Oct 2009
FRM Capital Advisors, FRM's seeding arm, has made its first investment in an Asian hedge
fund. It has invested an undisclosed amount in Isometric Capital Management, headed by
Sanjiv Bhatia (ex-Deephaven and Goldman Sachs).
6 Oct 2009
Ted Lee is understood to have left Sparx's fund of hedge funds business in Hong Kong.
2 Oct 2009
The Hong Kong-based Greater China hedge fund manager Triskele Capital has launched
a convertible bond fund. The portfolio manager is Shiba Tsuyoshi and the fund's AUM is
US$30m.
29 Sep 2009
London-based hedge fund manager Capula Investment Management has reportedly won a
US$200m mandate from China Investment Corporation.
25 Sep 2009
Cranmore Capital Advisers, Kurt Baker's hedge fund platform, has hired Ben Homer (ex-
Elliott Advisors) as COO.
23 Sep 2009
John Liu (ex-SAC) at HAN Capital Management is launching a Great China focused equity
long/short arbitrage fund with two partners. The fund is the first quantitative market neutral
fund in China to arbitrage short-term market inefficiency across China A shares and Hong
Kong H shares. HAN Capital will open an office in China in addition to its New York
headquarters.
Nathan Davison (ex-Merrill Lynch) has been hired by Deutsche to co-head Asian prime
finance.
22 Sep 2009
Kamni Bharwani, who left SAIL earlier this year, has turned up at Rockhampton's fund of
funds business, where she is reunited with old mate Denise Hu.
18 Sep 2009
Omnix Capital in Hong Kong has launched the Omnix Multistrategy Fund with an initial AUM
of US$20 million. Joint portfolio managers are Paul Penkett and Stephen Cheng (both ex-
Lehman). Carl O'Connell (ex-DKR Oasis and TPG Axon) has joined them as COO.
16 Sep 2009
Rocco Paduano (ex-HSH Investment Partners, Goldman Sachs and Morgan Stanley) has
joined Credit Suisse as Asia-Pacific COO for prime services.
15 Sep 2009
Hong Kong-based fund of hedge funds manager Vision Investment Management has
bought a majority stake in Harmony Capital Managers, an event-driven hedge fund
manager.
10 Sep 2009
Bank of China is reportedly planning to launch a fund of hedge funds in 2010.
7 Sep 2009
Hong Kong-based Pacific Century Group, owned by Richard Li, is taking over AIG's
investment advisory and asset management business.
4 Sep 2009
The Financial Supervisory Commission (FSC), Taiwan's regulator, is stepping up its efforts
to control the marketing activities of unregistered offshore investment providers. The FSC
has recently started a campaign to warn local investors not to invest with unlicensed
providers. The FSC campaign also aims to remind offshore investment providers that all
unlicensed marketing activities in Taiwan are illegal.
3 Sep 2009
Next month, SYWGAM is launching its first Chinese fund of funds, the SWS China
Transformers Fund. The new fund of funds will invest with fund managers based in the
People's Republic of China and aims to provide exposure to local Chinese absolute return
funds for international investors. SYWGAM is a subsidiary of Shenyin & Wanguo Securities
Co.
30 Aug 2009
China Investment Corporation, China's sovereign wealth fund, is investing billions of
dollars in hedge funds and private-equity funds, according to its chairman, Lou Jiwei. The
fund has a total of US$297.5 billion in assets, most of it in cash and cash equivalents.
22 Aug 2009
According to a report by Hedge Fund Research, 24% of Asia-focused hedge funds are now
located in Greater China.
21 Aug 2009
New York-based hedge fund Tiger Asia Management is being accused of insider trading by
the Securities and Futures Commission, the Hong Kong regulator. According to the SFC,
three senior Tiger Asia employees used insider information to sell short shares in China
Construction Bank.
19 Aug 2009
The Hong Kong-based Minerva Macro Fund has received a seed investment of US$50m
from Man Investments. Minerva is run by Stanley Ku (ex-Fortress) and Dorothy Lau (ex-J.P.
Morgan and Goldman Sachs).
18 Aug 2009
HedgeFund.net's HFN China Average hedge fund index was +10.84% in July and +35.61%
YTD.
12 Aug 2009
Roger Lee (ex-Nikko Asset Management in Singapore) has joined Tarascon Capital, a
Hong Kong-based US$30 million hedge fund set up in 2007 by Jonathan Iu.
UBS has appointed Ashley Jarvis as Asia-Pacific head of prime broker sales. He will be
based in Hong Kong.
3 Aug 2009
Carol Shing has left Marco Polo Pure Asset Management in Hong Kong.
The Securities and Futures Commission, the Hong Kong regulator, is considering making
short selling reporting mandatory.
2 Aug 2009
Danny Hegglin (ex-Morgan Stanley) has joined TT International, a US$3 billion hedge fund
firm, as partner. Hegglin will continue to be based in Hong Kong to lead TT's Asian
business.
31 Jul 2009
Citigroup has appointed Rimmo Jolly to the newly created position of the head of prime
finance sales and capital introduction for Asia Pacific. Jolly will relocate from San Francisco
to Hong Kong to take up the new role.
Hong Kong-based distressed/special situations manager ADM Capital will launch a new
fund at the end of August with US$100 million of seed capital from an American institution.
30 Jul 2009
China Investment Corporation will invest US$700m with the funds of hedge funds of
Blackstone and Morgan Stanley Investment Management.
28 Jul 2009
Joanne Bryant-Rubio, ex-CLSA and Atlas Capital, has joined Merrill Lynch's prime
brokerage in Hong Kong in an Asian capital introduction role.
27 Jul 2009
Bob Howe's Hong Kong-based fund management company Geomatrix has re-launched its
Akamai Pan-Asia Fund as the Opera Pan-Asia Fund in early July. This follows the recent
acquisition of Geomatrix by financial consulting company Opera Solutions. The investment
team has been expanded by the addition of trader Oliver Zeng (ex-Susquehana and State
Street).
23 Jul 2009
Hong Kong-based Liu Yang, who heads Atlantis Investment Management's China
business, has also taken over as chairman of and chief investment officer of Atlantis, a
US$2.6 billion asset manager. She replaces Tony Jordan who has recently left Atlantis.
Hong Kong-based fund of hedge funds manager Persistent Edge has hired Peter Wu (ex-
BNP Paribas, Societe Generale, ABN AMRO, China Everbright Bank, Bank of China) as an
executive director responsible for marketing and investor services in the Greater China
region.
20 Jul 2009
Hong Kong hedge fund Tribridge Investment Partners has hired John Liptak (ex-Bank of
America) to manage its new Tribridge Asian Special Situations Fund, which is planned to
launch in August.
Ryan Fong Yen-hwung, formerly a portfolio manager at Hong Kong hedge fund HSZ, has
been sentenced to one year in jail and a fine of HK$1.4 million for insider trading.
14 Jul 2009
Winton Capital Management, a London-headquartered hedge fund manager with US$12
billion in AUM which opened a Hong Kong office last December, is looking to hire one or
two researchers with a focus on the Chinese markets.
10 Jul 2009
Ronnie Wu, CIO of fund of funds manager Penjing Asset Management in Hong Kong, plans
to start seeding early stage Asian hedge fund managers in August. Earlier seeding deals
by Penjing have been in the US$5 million to US$15 million range, while the new seeding
effort may invest up to US$25 million.
9 Jul 2009
Benjamin Happ, formerly head of business development at hedge fund Abax Capital in
Hong Kong and Morgan Stanley' prime brokerage in New York, has joined Credit Suisse's
Asian prime brokerage in a capital introduction capacity.
Ryan Fong, ex-hedge fund HSZ, has admitted to insider trading of Hong Kong-listed shares
of Media Partners International Holdings in 2005. He will be sentenced next week.
8 Jul 2009
Eddie Kir, formerly of China Everbright Asset Management, has joined Shenyin Wanguo
Asset Management as Sales & Marketing Director. Shenyin Wanguo plans to launch a
China themed hedge fund in the near future.
6 Jul 2009
Raymond Foo (ex-Brevan Howard) has joined Veritas Asset Management as a senior
analyst in Hong Kong. Veritas has US$1.6 billion in AUM and manages both hedge funds
and long-only funds.
3 Jul 2009
Tahan Capital Management is launching a hedge fund investing in Asian high yield and
distressed securities, credit long/short, and macro strategies. Tahan is headed by Ng Yong
Ngee and the senior management team also includes Chia Tse Ern (ex-GLG, Jabre
Capital); Bryan Choo (ex-Schroders, UBS); Charles Ooi (ex-HSBC, UBS) and Joseph Lam
(ex-Deutsche Bank, Morgan Stanley).
1 Jul 2009
Scott Krusemark, formerly Asian director of Deephaven Capital in Hong Kong, has joined
Victory Park Capital as CFO.
29 Jun 2009
Asia's 25 biggest hedge funds as of April 1, 2009
1..Sparx Group (Tokyo) US$4.82bn
2. Value Partners (HK) US$3.19bn
3. Artradis Fund Management (Singapore) US$2.722bn
4. ADM Capital (HK) US$2.2bn
5. Arisaig Partners (Singapore) US$1.996bn
6. Penta Investment Advisers (HK) US$1.910bn
7. Pacific Alliance Investment Management (HK) US$1.450bn
8. Target Asset Management (Singapore) US$1.400bn
9. Aisling Analytics (Singapore) US$1.186bn
10. Ortus Capital Management (HK) US$805m
11. LIM Advisors (HK) US$800m
12. Tree Line Investment Management (HK) US$760m
13. JL Capital (Singapore) US$618m
14. Sofaer Capital (HK) US$610m
15. Symphony Financial Partners (Singapore) US$600m
16. Asia Genesis Asset Management (Singapore) US$599m
17. Tower Investment Management (Tokyo) US$581m
18. Ward Ferry Management (HK) US$575m
19. Income Partners Asset Management (HK) US$520m
20. Lapp Capital (Singapore) US$500m
21. UG Investment Advisers (Singapore) US$496m
22. Argyle Street Management (HK) US$458m
23. Abax Global Capital (HK) US$455m
24. Brooke Capital (HK) US$450m
25. Asuka Asset Management (Tokyo) US$428m
Source: Alpha Magazine
Melbourne-based Kima Capital, headed by Justin Klintberg (ex-Marble Bar), is launching a
pan-Asian long/short fund this week. The bulk of the fund's assets will be invested in
Australia, Japan, Hong Kong, China and Singapore. KIma's Asian strategy combines
arbitrage, event driven and corporate events. Klintberg has recruited Michael Gallagher (ex-
Macquarie Bank and Rand Merchant Bank) as CEO. The fund will be launched with A$15
million in AUM.
26 Jun 2009
Masaki Taniguchi has been appointed the new President of Sparx Asset management,
Asia's largest hedge fund manager. Taniguchi-san previously ran Sparx's Hong Kong office
and prior to joining the firm he was at Goldman Sachs Asset Management.
25 Jun 2009
Shanghai Securities News has reported that the China hedge fund industry now has over
RMB20 billion in assets under management.
24 Jun 2009
Sumitomo Trust Finance in Hong Kong has launched a new Japanese equity long/short
fund. The Tactical Equity Concepts-Japan Fund is being seeded by Sumitomo Trust &
Banking, Japan's fifth largest bank, with just over US$100m.
Aksia, with offices in the US and Asia, has won Institutional Investor magazine's Hedge
Fund Consultant of the Year Award.
23 Jun 2009
Charlotte Stopford Sackville is no longer with Stark Investments. She was the firm's Hong
Kong-based investor relations person for Asia.
Ryan Bacher, Asian co-head of prime brokerage at Deutsche, has resigned. He is
reportedly joining Barclays Capital in a senior prime brokerage role in Asia.
18 Jun 2009
Felix Chee, adviser to China Investment Corporation, the US$200 billion sovereign wealth
fund, said at an industry conference that it aims to make investments in hedge funds
through managed accounts in the near future.
Kurt Baker, formerly Asian head of Morgan Stanley's prime brokerage, has revealed that he
intends to launch a hedge fund platform in Hong Kong in the near future.
16 Jun 2009
Hong Kong-based FoFs manager SAIL Advisors will take over the running of three ING
Alternative Asset Management FoFs funds. As part of the deal, Harold Yoon, CIO and head
of ING’s FoFs business will also join SAIL as its new CIO. The current CIO, Eliza Lau, will
retire from her role but will remain as an advisor to the firm in the near term. SAIL will also
set up an office in New York.
11 Jun 2009
London- and Hong Kong-based mCapital (set up by Mark Devonshire, ex-Merrill Lynch) will
launch its European and Asian Special Situations Fund at the end of June. The strategy is
focused on stressed, distressed, recovery and development capital in Europe and Asia.
9 Jun 2009
Morgan Stanley is starting to build up its Asian prime brokerage...again. SAIL's Marcella Lui
has been hired as a capital introduction specialist in Hong Kong and Keiko Kawauchi has
returned to the firm she left last year to be in charge of cap intro in Japan.
3 Jun 2009
Vision Investment Management in Hong Kong has sold its seeding business, Vision Asia
Pacific, to Samena Capital in London. As part of the deal, Vision will become a shareholder
in Samena and Vision CEO Jerry Wang will join Samena's board. At the same time Vision
is expanding its core fund of funds business by hiring three marketing professionals in
New York and London.
28 May 2009
Deepstream Capital in New York is reportedly close to making a deal with Primus Financial
in Hong Kong for a US$200m seed investment for a distressed hedge fund. The fund will
be managed by Randy Barker and Geoff Coley (both ex-Citi). Hong Kong-based Primus
Financial was set up in April with US$1 billion from a wealthy family in Asia.
27 May 2009
UBS's Asian head of prime services, Matt Pecot, has joined Credit Suisse in a similar role.
21 May 2009
Abax Global Capital in Hong Kong, partly owned by Morgan Stanley, is opening its Tudor-
seeded Asian macro fund to outside investors. It also promises to refund part of its
performance fee if the fund loses money in the subsequent year.
19 May 2009
Jim Fallon, formerly a capital introductionist at Morgan Stanley, has joined the prime
brokerage business of Merrill Lynch in Hong Kong. He most recently had a stint at fund of
funds manager Tremont. He will be part of the Asia-Pacific financing sales team but also
handle capital introduction for Merrill Lynch's hedge fund clients.
15 May 2009
Asia-focused hedge funds have gained more than 8.5% YTD, including a 7% increase in
April, according to the HFRI Emerging Markets Asia ex-Japan Index.
The Blackstone Group has cancelled its plan to launch a US$1 billion Asian event-driven
hedge fund.
13 May 2009
Anderson Choi, previously of Triple A Partners and Shinko Securities, has joined the
Japanese institutional sales department of CITIC Securities International in Hong Kong.
12 May 2009
Bloomberg reports that Shafiq Karmali (ex-Goldman Sachs) plans to start an Asian equities
long/short hedge fund in August. Karmali's firm, Cypress Lane Capital, will be based in
Hong Kong.
10 May 2009
Brooke Capital in Hong Kong has hired James Cameron (ex-Pyrenees, Atlantis, Credit
Suisse) as an analyst to work on the East of Suez Fund, a long/short equity strategy.
8 May 2009
Income Partners Asset Management, a Hong Kong-based asset manager with US$620m,
has lifted its gates to allow investor redemptions again for the first time since October.
7 May 2009
New York-headquartered US$1.8bn credit hedge fund manager Claren Road has opened a
Hong Kong office. Richard Chun and Desmond Chum (both ex-Citi) have joined Claren
Road as portfolio managers in the new Asian office.
AIMA Hong Kong claims that Hong Kong is the largest hedge fund centre in Asia with
managers in the city overseeing US$22bn in AUM as of last December. Yes, perhaps, but
what about the pollution and all the noise? We still prefer Tokyo to Hong Kong. According to
AIMA, Hong Kong had 245 hedge fund managers at the end of 2008 and there were 30
hedge fund startups in Hong Kong in 2008.
6 May 2009
Hong Kong-based Enhanced Investment Products yesterday launched a new fund
investing in Asian high-yield convertible bonds with an initial AUM of US$17m. The PM is
Yvon Choi and the firm is also planning on hiring a senior credit and equity analyst for the
new fund.
30 Apr 2009
Kamni Bharwani, hedge fund analyst at fund of hedge funds manager SAIL in Hong Kong
for the past three years and prior to that a financial journalist, left the firm last month. Where
is she sailing? We've got an idea...
AsianInvestor magazine has announced the winners of its 2009 Investment Performance
Awards for institutional funds management. The winner in the Greater China category is
Triskele China Fund and Persistent Edge won the Asian FoFs house award.
Eurekahedge's Asian Hedge Fund Awards 2009 (to be held in Singapore on 29 May) has
released the shortlist for the Best Greater China Hedge Fund award: Credence Oriental
Partnership, Dragon Billion China Fund, LBN China + Opportunity Fund, Northwest China
Opportunities Fund, QBridge Fund, Spitzer Dragon Fund, Tairen China Fund and Triskele
China Fund.
29 Apr 2009
The Securities & Futures Commission in Hong Kong has been granted an injunction order
by the High Court to freeze more than US$110 million in assets of Hong Kong-based
hedge fund Descartes Athena Fund on suspicion of fraud.
27 Apr 2009
Credit Suisse Asset Management has appointed Conrad Yan (ex-AIG Investments) to
manage distribution of alternative investment products in Asia. Yan is based in Hong Kong.
Sail Advisors, the US$1.8bn Hong Kong-based FoFs shop, has hired Miodrag Janjusevic
as chief risk officer. Janjusevic, who is replacing Jeff Nie, joins from Deutsche Bank where
he was director of strategic solutions. Prior to Deutsche he spent 15 years at J.P. Morgan.
15 Apr 2009
John Ho, the Asian head of activist manager The Children's Investment Fund, is apparently
leaving the firm.
14 Apr 2009
Rockhampton Management is launching a fund of funds platform in Hong Kong. They have
recruited Denise Hu from SAIL to lead this new initiative.
10 Apr 2009
According to Asian Investor, former Hindsight portfolio manager Man Wing Chung is
rumoured to be making a return to the alternatives industry with a new Greater China hedge
fund he is launching together with LV Jun (ex-CIO at China International Fund Management)
and Taiwan specialist Peter Tang.
Thor Monsen has left the Hong Kong office of FoFs NewFinance Capital where he was a
senior hedge fund analyst.
9 Apr 2009
Hindsight Asset Management in Hong Kong is launching an Asian convertible bond
strategy together with Hamon Investment Group in a new joint venture called HSH
Investment Partners.
8 Apr 2009
According to The Wall Street Journal, the Church Pension Fund, a US$8 billion pension
fund serving the Episcopal Church, is opening a Hong Kong office. Eric Mason (ex-Carlyle
Group) has been hired to head the new office. The Asian office is understood to be covering
all asset classes including private equity, real estate and hedge fund investments in Asia.
1 Apr 2009
According to The Wall Street Journal, US hedge fund manager Och-Ziff Capital
Management will take a loss of about half of their investment in the Fisherman's Wharf
theme park and casino development project in Macau. It is believed that the fund manager
may withdraw from the project as the expected public stock offering in Hong Kong and a
planned doubling of the park size failed.
26 Mar 2009
Funds of hedge funds Persistent Edge China Partners Fund and Persistent Edge Asia
Partners Fund returned +3.53% and +2.21% respectively during the January to February
period. China Century Fund did +1.26% and Adept Capital +1.25% during the same period.
23 Mar 2009
Alleged hedge fund fraudster Albert Hu was arrested in Hong Kong last week. Hu reportedly
ran a number of fake hedge funds in California. Federal prosecutors in the US have
charged him with stealing millions from clients and lying about the safety of their
investments, promising annual returns of up to 30%. According to the prosecutors, Hu
wired the money received from investors to bank accounts in Singapore, Hong Kong and
Taiwan. The sham hedge fund management companies used by Hu included Asenqua
Capital Management, AQC Asset Management and Fireside Capital Management.
16 Mar 2009
London and Hong Kong-based hedge fund frim mCapital has appointed Banny Leung (ex-
Merrill Lynch) as senior partner in Hong Kong. Leung will be responsible for Asian special
situations.
13 Mar 2009
Xela Capital, a Taiwan-focused hedge fund managed by James Carroll, has been shut
down after running for a year. The fund significantly outperformed its benchmark index, but
factors such as the fund's small AUM and Taiwan's introduction of a shorting ban made it a
difficult strategy to run successfully. James Carroll is understood to be working on a new,
broader strategy to be launched later this year.
6 Mar 2009
Edwin Wong has founded SSG Capital in Hong Kong, which will manage an Asian
distressed investment strategy. Wong is joined at SSG by six of his former Lehman
Brothers colleagues.
2 Mar 2009
Ajia Partners, a Hong Kong-based hedge fund incubator and fund of funds, has launched a
new CTA-focused FoFs, the Explorers Fund.
24 Feb 2009
Chin Yee Yap, ex-Asian head of structured credit markets at Nomura in Hong Kong, is
setting up his own hedge fund firm called Gemini Capital. Prior to Nomura he spent 14
years at Lehman Brothers.
22 Feb 2009
Neil Scrase, who left Gottex last year, has resurfaced at Ballingal Investment Advisors, a
hedge fund firm in Hong Kong with 9 staff members and US$360m under management in
two Asian multi-asset hedge funds, both with positive returns for 2008.
16 Feb 2009
Mark Fuchs, ex-head of Southeast Asian equities at Credit Suisse, has set up Fuchs
Capital Partners of which he is now the CEO and CIO. The new firm plans to launch an
Asian equity long/short fund this spring focused on the Asean region. Fuchs has recruited
Winston Loke from Credit Suisse and Mark Maroongroge (ex-HBK) to join him at the new
firm.
13 Feb 2009
Over 80% of Asian hedge funds can’t charge their investors performance fees after
finishing 2008 below their peak net asset values, according to Eurekahedge. An estimated
one-third of the 1,000 Asian hedge funds tracked by Eurekahedge delivered positive returns
in 2008. This compares to 82% in 2007.
11 Feb 2009
HK-based hedge fund firm Doric Capital Corporation has been bought by the management
team comprising of Howard Wong, Jeff Liu and Rajesh Ranganathan. The team is backed
by strategic investor Hamon Investment Group. Doric’s founder, Michael Nock, will remain
a board member and also keep a smaller stake in the company.
10 Feb 2009
Pinpoint Investment Advisor's Rising China Fund has seen its AUM drop by 69% following
the departure by a key portfolio manager. The fund now has US$83m in AUM. CIO Wang
Qiang has now taken over the portfolio management.
9 Feb 2009
AUM in Asian hedge funds continued to fall in Q4 of 2008. Hedge Fund Research estimates
that a decline of nearly US$16bn has left Asian hedge funds with just over US$71bn in AUM.
Assets invested in Asian hedge funds peaked at US$111bn at the end of 2007. The decline
in Asian hedge funds in the second half of 2008 was 28.9%.
4 Feb 2009
Is the Middle Kingdom bouncing back? Well, not exactly but at least some of its hedge
funds have had a decent start to 2009 after a terrible 2008. Pacific Sun's China Mantou fund
was down 52.2% in 2008, but up 3% in January, a month when indices tracking large cap
China stocks were down between 8% and 10% as cash hungry foreign banks unloaded
their strategic stakes in their mainland counterparts, following the end of three-year lock up
periods.
RAB Capital has sold its Asian subsidiary Northwest back to its former owners, George
Philips and David Rogers, who have been working at RAB Capital since RAB took over their
business in September 2006.
3 Feb 2009
Chua Sue-wan has been appointed deputy group treasurer at The Hong Kong Jockey Club.
He will take over from Keith Yuen who left at the end of 2008 to join Principal Financial
Group as COO for Greater China. Chua joins from SEI Investments where he most recently
was head of alternative investments. Earlier in his career he worked at Rothschild Asset
Management and the World Bank. He will report to group treasurer Jacob Tsang.
1 Feb 2009
The AUM of Value Partners has reportedly shrunk to around US$3bn as of end of November
figures.
29 Jan 2009
In a ranking of the 25 biggest single-manager hedge fund firms in Asia (as of March 31st
2008) twelve of the managers are HK-based:
2. Value Partners (HK) US$5.9bn
6. Tree Line Investment Management (HK) US$2.2bn
8. Ortus Capital Management (HK) US$2bn
9. Ward Ferry (HK) US$2bn
10. ADM Capital/Asia Debt Management (HK) US$1.9bn
12. Pacific Alliance Investment Management (HK) US$1.6bn
13. Penta Investment Advisers (HK) US$1.5bn
14. Lim Advisors (HK) US$1.4bn
15. Sofaer Capital (HK) US$1.1bn
18. Income Partners (HK) US$970m
19. Nezu Asia (HK) US$900m
22. Argyle Street (HK) US$820m
Source: Alpha/Institutional Investor
28 Jan 2009
Threadneedle Asset Management has said that it expects Chinese equities to outperform a
recovery in Asia stocks based on both Beijing’s policy flexibility and projected solid
consumer spending through the global recession.
23 Jan 2009
The HFN China Average Index of Greater China-related hedge funds was down -34.57% in
2008. In both 2006 and 2007 it was up more than 50% in each year.
22 Jan 2009
London-headquartered Ecofin expands in Asia by relocating Nyree Hu from London to
Hong Kong. Hu will head up Asian marketing and investor relations.
21 Jan 2009
Macquarie Funds Group and Jim Rogers have joined together to create an agricultural
commodities index that reflects changes in food consumption patterns in China . The
Macquarie and Rogers China Agriculture Index is an investable index that tracks changes in
the price of a basket of agricultural commodities most commonly consumed in China.
20 Jan 2009
US-headquartered hedge fund manager AM Investment Partners, has launched an Asian
volatility fund in Hong Kong. The fund is managed by Craig James who has joined AM from
Deutsche Bank. At launch the fund had attracted more than US$100m in AUM.
Barclays Wealth has appointed Joanna Chu as co-head of private banking in North Asia .
She joins from Hang Seng Bank.
Sun Hung Kai Financial has launched a recovery fund that will be managed by Paulson &
Co in New York . The fund will identify investment opportunities within a select group of
distressed global financial companies worldwide.
19 Jan 2009
Yvon Choi, who recently shut down his own hedge fund Middle Island Capital, has joined
hedge fund Enhanced Investment Products as a trader of convertible bonds and equity
derivatives. Choi was previously at BNP Paribas and Nomura.
Got Asian hedge fund news? Tell us all about it at: news@hedgefundsclub.com |