What's brewing in Japan?
Wake up and smell the coffee!
Japan-related hedge fund industry news.
Japan-related hedge fund industry news.
15 Aug 2008
US$20 billion hedge fund manager Citadel has reportedly hired Yasu Kuga and Ken
Moriyama as portfolio managers in its Tokyo office.
12 Aug 2008
Yoshiaki Iizuka, formerly CIO of Traders Investment Management and CEO of American
Express Financial Advisors Japan, has joined Tokyo-based funds of hedge funds shop
Rogers Investment Advisors as head of Japanese research.
11 Aug 2008
Lincoln Valentine, a hedge fund analyst for fund of hedge funds shop RMF in Singapore and
Tokyo for the past four years, has left the firm.
7 Aug 2008
Patrick Ekerot, formerly a Tokyo-based portfolio manager for several hedge funds and an
active member of Tokyo Hedge Funds Club, has sadly passed away.
Dai-ichi Life, Japan’s second largest life insurer with some US$275 billion in assets, plans
to up its hedge fund investments. It currently has invested in more than 100 hedge funds,
including funds of hedge funds, globally.
Brad Resnik, a sales director in Deutsche’s prime brokerage team in Tokyo and a member
of the executive committee of AIMA Japan, has relocated to Sydney to take up a new role with
Deutsche.
6 Aug 2008
Dalton Investments, a US$1 billion hedge fund firm with offices in Los Angeles, Shanghai
and Tokyo, is believed to be in the process of launching a Japanese REIT fund.
4 Aug 2008
Masanori Yamagishi has moved from the investment department of Nipponkoa Insurance to
its fund of hedge funds subsidiary Zest Asset Management where he has replaced portfolio
manager Ryo Sato.
31 Jul 2008
2008 Q1 profit fell 75% at Aozora Bank as fees declined and returns on investments in
hedge funds withered.
Ryo Sato is leaving his job as portfolio manager of Tokyo-based global fund of funds
manager Zest Asset Management today. He will take up a new position in the investment
department of Zest's parent company Nipponkoa Insurance.
29 Jul 2008
Shin Kubo, previously at Russell Investments in Tokyo and London, has recently relocated
within the firm to Singapore where he will work on hedge fund manager research.
22 Jul 2008
Resolution Asset Management has launched a Japan-focused 130/30 fund.
21 Jul 2008
Triple A Partners, the hedge fund seeding business founded by Hans Tiedemann, has
announced that Joanne Murphy (ex-HSBC, Deutsche and Fortis) has joined the company as
marketing director for Asia Pacific.
16 Jul 2008
The June estimate for the Eurekahedge Japan Hedge Fund Index is -2.68%, which brings
the YTD performance to -4.00%.
15 Jul 2008
Yusuke Nishi, managing principal of Steel Partners Japan, has resigned from the activist
fund manager after seven years of service.
TCI, the US$10b activist fund manager that has been fighting an uphill struggle in Japan,
reportedly lost US$1b in June.
9 Jul 2008
Stephen Satchell, who recently left Credit Suisse where he ran the proprietary credit book for
Asia-Pacific, is understood to be in the process of setting up his own credit hedge fund.
8 Jul 2008
Activist fund manager Dalton Investments plans to raise US$450 million to invest in
underperforming Japanese real estate investment trusts.
7 Jul 2008
Japan has announced a relaxation of its tax code to aid foreign hedge funds seeking to
avoid dual taxation.
2 Jul 2008
Hedge fund seeder/incubator Sumitomo Corporation’s AUM has shrunk by 38% over the
past year. Sumitomo’s asset management division provides seed capital for hedge fund
managers and also invests in CTAs and currency strategies. It currently has over US$940m
invested in alternatives.
28 Jun 2008
The Children's Investment Fund failed to get its way with J-Power at this week's annual
shareholders' meeting, but may have helped Japan one further step on its way to improved
corporate governance. Shareholder activism in Japan is slowly making progress as more
and more usually passive Japanese shareholders are starting to stand up for their rights.
27 Jun 2008
More than 300 specially invited guests came together for the Tokyo Hedge Funds Club
Summer Party at Roppongi Hills on Thursday night.
130/30 and hedge fund replication strategies will not succeed in gaining a real following
among Japanese investors according to an investor panel at the annual Hedge Fund
Investments Japan conference.
A panel of the ruling Liberal Democratic Party has recommended that a sovereign wealth
fund is set up to better manage Japan's pension funds. A JPMorgan-hosted conference will
discuss the topic at a July 2nd conference in Tokyo.
26 Jun 2008
Hiromichi Otsu, previously of Bear Stearns Japan and Commerzbank, has left Russell
Investments in Japan.
16 Jun 2008
Tomo Kamisaku has joined fund of hedge funds giant Optimal's Tokyo office.
14 Jun 2008
Carl Svahn, who had a stint in the asset management sales division of Bear Stearns Japan
in 2007, has joined Ueda Yagi Securities in Tokyo. Ueda Yagi distributes hedge funds in
Japan and the firm will also be launching its first fund of hedge funds in August. The FoFs
investment team is managed by well-known hedge fund industry veteran Atsko Nakajima
who joined Ueda Yagi in 2007. The fund is understood to have an Asian bias but may also
diversify by allocating to managers globally.
12 Jun 2008
Markus Buechel who headed Superfund’s Tokyo office has transferred back to the firm’s
head office in Vienna, Austria. He has been replaced in Japan by Hironori Tsuchiya.
10 Jun 2008
Odey Asset Management is understood to be closing down its Japanese hedge fund after
the fund's AUM fell from US$1b to US$39m.
6 Jun 2008
Shaka Capital Management in New York has launched the Shaka Japan Fund which will
invest in the top 250 stocks in Japan. Shaka’s management team includes several former
members of Morgan Stanley’s Japanese equities team, while the portfolio manager
Alexandre de Bethmann formerly worked at Federated Global.
1 Jun 2008
Brian Manley, who recently left the alternative investment team at Shinsei Bank in Tokyo, has
been reunited with his former boss Mark Cutis at the Abu Dhabi Investment Council in the
United Arab Emirates.
28 May 2008
Daido Life Insurance has said it plans to increase allocations to hedge funds. The life
insurer has so far mainly invested in hedge funds via funds of funds.
Ward Ferry is understood to be launching a new small-cap Japan fund.
27 May 2008
Makoto Haga, who became the first hedge fund manager at Nomura in 1998, will start Wing
Asset Management in August. Haga-san will focus on investing in Japanese large-cap
stocks.
16 May 2008
Hedge Vision Japan Fund, a Switzerland-based Japan equity long/short fund launched in
November 2006, has been shut down because of big drawdowns and subsequent investor
redemptions. The portfolio manager is currently looking for seed capital to start another
Japan-focused fund.
15 May 2008
The Eurekahedge Japan Hedge Fund Index returned an estimated +2.67% in April which
takes the 2008 YTD performance to -3.28%.
14 May 2008
The Japanese government has ordered The Children's Investment Fund to drop its plans to
double its stake in J-Power to 20% or face punishment under a national security law. This is
the first time that Japan, which has almost no natural energy resources of its own, has
invoked the law to block a foreign investment.
13 May 2008
Stephen Givens, corporate lawyer and adviser to The Children's Investment Fund (TCI), will
discuss his views on the high-profile J-Power case at a presentation organised by the
French Chamber of Commerce and Industry in Japan on May 23. Earlier on the same day,
former Vice Minister for International Affairs at the Ministry of Finance, Hiroshi Watanabe, will
speak on the subprime crisis at a luncheon organised by the Swedish Chamber of
Commerce and Industry in Japan.
12 May 2008
Brian Manley is leaving Shinsei Bank’s alternative investment team. Lance Lintner is
believed to have also left the team for another position within the bank.
NewSmith Asset Management in Tokyo last month launched a new Japan equity long/short
fund. The NewSmith Japan New Horizons Fund is managed by Jun Yamamoto. Prior to
joining NewSmith, Jun Yamamoto was a Director and Portfolio Manager at Aim Investment
Corp, where he sub-advised the GCI Friends Global Fund from 2006 to 2008. Previously, Mr.
Yamamoto was Principal, Co-Portfolio Manager and Manufacturing sector research analyst
of Japanese equity at Clay Finlay Inc. from 1997 to 2005.
6 May 2008
Mitsubishi Corporation, the largest trading company in Japan, is paying US$40 million for a
19.5% stake in US hedge fund manager Aladdin Capital.
5 May 2008
Keiichi Sano last month left Sumisho Capital to join SCM Securities.
The 2nd annual RiskJapan conference will take place in Tokyo on 10 September.
Confirmed speakers include Akira Yamauchi (CIO, Hedge Fund Investments, Mitsui
Sumitomo Insurance), Jesper Koll (President, Tantallon Research Japan), Randall Kahn
(Managing Partner, Apiana Investments), Angus McKinnon (Managing Partner, Tozai
Investment Advisory) and Stefan Nilsson (Founder and President, Tokyo Hedge Funds
Club).
2 May 2008
Kengo Osawa has left Mitsubishi Asset Brains and joined the Bank of Yokohama where will
be in charge of the bank’s principal investments in traditional and alternative assets.
1 May 2008
Ben Weiss, formerly of Shinsei Bank in Tokyo, has found a home for his global equity
strategy which he has developed over the past year. Ben will shortly relocate from Tokyo to
Hong Kong to join SHK where he as portfolio manager will launch the SHK Global Equity
Fund.
A Eurekahedge survey of 260 hedge funds which invest exclusively in Japanese assets has
revealed that they lost on average 8.6% in the fiscal year ending March 31. AUM is down to
US$22.65 billion, which is US$10.76 billion less than a year earlier.
25 Apr 2008
The 777 Fund has won the Best Japan Fund award at the AsianInvestor 2008 Investment
Performance Awards. The 777 Fund, an event-driven Japanese equities strategy, was
launched in September 2006 and is managed by Yutaka Hashimoto at 777 Investments in
Singapore.
24 Apr 2008
London-based Ferox Capital Management has launched the Ferox Japan Fund, a
directional hedged convertibles fund, with about US$100m. The fund will be managed by an
investment team led by Jeremy Herrmann.
23 Apr 2008
Mark Cutis, formerly CIO of Shinsei Bank in Tokyo, is believed to have relocated to the
United Arab Emirates to take up a new investment position with the Abu Dhabi Investment
Authority.
22 Apr 2008
Makoto Takahashi has left Platinum Grove Asset Management to become chairman of
United Managers Japan.
21 Apr 2008
Japan's insurance companies, collective managing US$1.6 trillion, are set to invest more in
hedge funds due to low government bond yields and volatile currency markets.
18 Apr 2008
The Children’s Investment Fund (TCI) has been blocked by the Japanese government from
doubling its stake in J-Power to 20%. The government cited national security as the reason
for the rejection of TCI’s offer. TCI’s John Ho called it “a sad day for Japan”.
10 Apr 2008
Thomas Steen, formerly of Japanese hedge fund firm Ottoman Capital, has joined DDX
Capital Partners in Toronto.
9 Apr 2008
Richard Okuno has left Teneo Partners to join Japanese hedge fund manager Rheos
Capital Works.
5 Apr 2008
Izumi Kazuhara has left Eurex in Frankfurt to become Chief Representative in Japan for Liffe,
part of the NYSE Euronext Group.
4 Apr 2008
The Eurekahedge Japan Index of hedge funds was down an estimated -2.37% in March,
which brings the YTD figure to -4.93%.
2 Apr 2008
Dr. Richard Horodeck, formerly President of Drake Management in Tokyo, has joined The
Rohatyn Group. He will be stationed in Hong Kong.
28 Mar 2008
The UMJ Neutro Fund, managed by Tadashi Mukai, was up 11% in 2007 and was the best
performing Japanese equity market neutral fund according to AsiaHedge. It also had a good
start to 2008, gaining a total of +2.3% in January and February as the Topix index went down
10%.
17 Mar 2008
Both Paulson & Co. and Renaissance Technologies have been confirmed to speak at the
annual Hedge Fund Investments Japan conference in Tokyo on 25-26 June.
14 Mar 2008
Felix Sim has left the investment team at Japanese hedge fund manager GCI Group. Felix,
who is Singapore based, will join Opes Prime Asset Management later this month.
6 Mar 2008
Hans Tiedemann’s Triple A Partners has seeded 360 Asset Management’s new Japan
equity long/short fund with US$10m. The fund is run from London by John Aylott, formerly
portfolio manager for the Zan Alpha Fund.
5 Mar 2008
Eurekahedge’s Japanese hedge fund index was -3.1% in January.
4 Mar 2008
Mizuho Trust has appointed Takashi Nonaka as CEO to succeed Teruhiko Ikeda. Mr Ikeda
will become chairman of the company.
29 Feb 2008
Keiko Sydenham has left Orix Investments to join Russell Investments Japan as a hedge
fund investment product specialist.
28 Feb 2008
James Lee, formerly of Tiger Asia Management, has founded Stylos Capital Management.
The Stylos Asia Master Fund, an equity long/short fund focused on small and mid-cap
companies, will invest in Japan, China and South Korea.
16 Feb 2008
Polar Capital has reportedly shut down three of its hedge funds, including the Lotus Fund, a
Japan equity long/short fund, due to poor performance.
11 Feb 2008
A Goldman Sachs private equity fund has bought a 19.9% stake in Capula Investment
Management. The London-based US$3b hedge fund was founded by ex-UFJ man Masao
Asai.
Toshiro Muto seems set to become the next governor of the Bank of Japan when Toshihiko
Fukii steps down on March 19.
8 Feb 2008
IQPC's 3rd annual Hedge Fund Investments Japan conference has been announced for
June 25-26. Early confirmed speakers include Greg Quental (Global Head of Hedge Funds,
Bear Stearns Asset Management), Andrew Shipley (author of "The Japanese Money Tree")
and Stefan Nilsson (Head of Capital Introduction, Bear Stearns Japan and founder of Tokyo
Hedge Funds Club).
6 Feb 2008
Goldman Sachs has reportedly closed its GS Strategic Japan Partners fund of hedge funds
following losses and investor redemptions.
Investments in Japanese hedge funds have shrunk to an estimated US$24 billion
according to Reuters. However, this figure does not include the many billions of dollars that
Japanese investors have invested with non-Japan-focused hedge funds globally.
According to Eurekahedge, Japanese-focused hedge funds lost a combined US$10.9
billion in 2007, due to poor performance and US$7.7 billion of investor redemptions.
Lipper has estimated that the rate of closures among Japan long/short equity funds jumped
to over 13% in 2007.
5 Feb 2008
Minoru Umezaki has left Aizawa Securities in Tokyo to set up Theoria Capital Management
in Singapore.
2 Feb 2008
New York-based CEO Capital Management, led by founder and CIO Daniel Bruno, is
seeking two Tokyo-based sales people as part of its expansion into Japan.
30 Jan 2008
Megumi Miyashita has left Eurekahedge to join Daiwa Wealth Management Singapore.
25 Jan 2008
Credit Suisse in Japan is believed to be expanding its prime brokerage business with a
couple of new hires, including a new capital introduction person in Tokyo.
21 Jan 2008
Seiichi Fukuyama has left his position as CEO of BlackRock Japan to become Vice
Chairman of BlackRock Asia. He is being replaced as CEO by Hiroyuki Arita.
18 Jan 2008
Shaun Lawson’s Hunter Capital has hired Paula Sugawara to head up its alternative
investment recruiting effort. Paula has had a long career in investment banking in Japan
with firms such as Goldman Sachs, Nomura and Lehman Brothers.
17 Jan 2008
While Asian Investor the other day said that average returns for Japanese hedge funds in
2007 were +1.98%, Eurekahedge now says the figure is -1.12%. Tack your pick. Use
whatever suits your needs. Everyone else does.
16 Jan 2008
Miki Fukunaga has left Goldman Sachs' Tokyo capital introduction team to relocate to Hong
Kong for a similar position.
15 Jan 2008
AIMA Japan has announced some of the top-level speakers that will be speaking at this
year's AIMA Japan Hedge Fund Forum 2008 in Tokyo on 6 March. They include Tokiko
Shimizu (Bank of Japan), Yasunori Nakagami (Asuka Corporate Advisory), Kenji Fujii
(Aozora Bank), Yasuo Sugeno (Daiwa Research Institute) and Sadayuki Horie (Nomura
Research Institute).
14 Jan 2008
Average returns for Japanese hedge funds in 2007 were +1.98%, according to Asian
Investor.
8 Jan 2008
Masahiko Furukawa has left Zest Asset Management, the fund of hedge funds subsidiary of
Nipponkoa Insurance. He has been replaced by Ryo Sato.
7 Jan 2008
ACAM Advisors, the fund of hedge funds subsidiary of Itochu Corporation, has appointed
Hiroto Satomi as its new CEO and CIO. Satomi-san is currently president of Itochu Capital
Securities and he founded ACAM in 1992.
28 Dec 2007
The Tokyo Hedge Funds Club featured in Opening Bell's summary of 2007's financial and
business news on TV Tokyo this morning.
26 Dec 2007
Kazuhiro Kajiyama has left Shinsei Bank where he was Deputy General Manager, Asset
Management. He has joined the Tokyo branch of FRM International as Senior Vice President.
25 Dec 2007
Terence Murphy has left his position as Chairman of Hudson Japan, Lone Star Funds’
Japanese affiliate, after nearly a decade with the firm. Koa Tree Capital is his new
destination.
21 Dec 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated -1.49% in November.
20 Dec 2007
Tokyo Hedge Funds Club's founder Stefan Nilsson will host a panel discussion on the
Japanese hedge fund industry at the MARHedge/Institutional Investor Asian Hedge Fund
Conference in Singapore on 26 February.
18 Dec 2007
According to a recent Russell Alternative Investment Survey on Japan, pension funds
account for more than 9% of total allocations in Japan. Also, the survey results reveal that
Japanese investors expect hedge funds to return +4.6% on average in 2009.
14 Dec 2007
The Japan Hedge Fund Initiative, headed by Grosvenor Japan’s CEO Kats Ashizawa,
hosted a charity evening in Tokyo on Dec 12 to raise money for the Shisei Gakuen
orphanage.
13 Dec 2007
Yes, the rumours are true! After eleven networking events in Tokyo, the team behind Tokyo
Hedge Funds Club now takes its successful concept to Singapore. The first Singapore
Hedge Funds Club networking evening will take place on Tuesday 26 February.
11 Dec 2007
US fund of hedge funds firm Federal Street Partners has set up a research office in Japan.
Ted Barksdale heads up the new Tokyo office and is in charge of researching Asian hedge
fund managers.
7 Dec 2007
Florence Lombard, CEO of the Alternative Investment Management Association (AIMA)
visited Tokyo today to discuss AIMA’s role in the global hedge fund industry at a luncheon
hosted by Bear Stearns.
Japanese financial institutions investing in hedge funds have increased from 63% to nearly
70% according to a new survey by Greenwich Associates. Japanese pension funds who
allocate to hedge funds have an average allocation to the asset class of 1.9%.
6 Dec 2007
350 professionals from the Japanese hedge fund industry came together for the Tokyo
Hedge Funds Club year-end party last night.
Akira Yamauchi has left Resona Bank to join Mitsui Sumitomo Insurance as CIO of hedge
fund investments.
5 Dec 2007
Mark Cutis, former CIO of Shinsei Bank, is believed to be considering setting up his own
hedge fund.
29 Nov 2007
AIMA Japan will host its annual hedge fund conference in Tokyo on 6th March.
27 Nov 2007
Former Vice-Finance Minister Eisuke Sakakibara was the keynote speaker at last night’s
second annual BFC Hedge Fund Seminar for pension funds. The event in Tokyo was
hosted by BFC Asset Management and many of Japan’s big pension funds were in
attendance.
Ed Rogers, founder and CEO of Rogers Investment Advisors, who advises a Japan-focused
fund of hedge funds, estimates that Japan-only hedge funds now amount to around 400
funds.
26 Nov 2007
Goldman Sachs’ Kathy Matsui said in a Bloomberg interview that hedge funds are shifting
Asian investments out of Japan because of lower returns and poor corporate governance.
Capula Investment Management, a US$2.5 billion London-based hedge fund, plans to start
an equity investment advisory business in Japan in 2008, according to a Reuters interview
with Mamoru Sakai, representative director for Capula's Japan business.
21 Nov 2007
Japanese hedge fund Moonlight Capital reportedly faces potential punishment by the
Securities and Exchange Surveillance Commission for allegedly violating securities law.
Déjà vu? JC Flowers is reportedly leading a multi-investor bid for a 32% stake in Shinsei
Bank for US$1.8 billion.
17 Nov 2007
RAB Capital has bought a 20% stake in Tokyo-based Prestige Asset Management to
improve its marketing capability in Japan. Prestige Asset Management, which is focused on
distribution, was founded in 2004 by Makoto Matsuzaki.
16 Nov 2007
Oh, yes! The rumours were true. When Steel Partners celebrated the fifth anniversary of its
Japan Strategic Fund with a lavish party for Tokyo’s hedge fund royalty, they served Sapporo
beer and even gave the guests a gift bag with both Nisshin cup noodles and Bull-Dog
sauce. Warren Lichtenstein looked like he enjoyed himself.
14 Nov 2007
Nobuki Yasuda has recently left Sumitomo Life Insurance, where he was head of alternative
investments, to join the Pension Fund Association, one of Japan’s biggest pension funds.
13 Nov 2007
Mark Cutis, CIO of Shinsei Bank, who once ran a one billion dollar hedge fund portfoilio, has
recently left the bank together with most of his 12-member investment team. Apinya
Ruangthaveekoon is believed to have joined Barclays Capital while Chris Vilburn seems to
have joined Goldman Sachs.
Japanese hedge funds may have had a challenging year, but when Eton Park CEO Eric
Mindich gave the keynote speech this morning at the eighth annual Goldman Sachs Tokyo
Hedge Fund Symposium, the room was packed with close to 700 attendees. Clearly there
is still some life in the old karate kid (Japan that is, not Mindich).
12 Nov 2007
The Goldman Sachs Tokyo cap intro event has arrived! Everyone who is anyone in hedge
funds will not be available for the next two days. They will all be at the Goldman conference
at Chinzan-so.
Hawaii-based Bellamy Fund Management has launched a long-biased fund investing in
Japanese mid- to large cap stocks. The Samurai Fund is advised by Tokyo-based Rise
Asset Management.
9 Nov 2007
A study by research firm Oliver Wyman found that 71% of the Asian hedge funds surveyed
invest in the Japanese credit markets.
The Eurekahedge Japan Hedge Fund Index, which tracks 126 hedge funds investing in
Japan, was up an estimated +0.64% in October.
Panax, an Asian tech-focused hedge fund managed by Cecilia Melin, is expanding its
research teams. The Tokyo- and Hong Kong-based fund is currently looking for additional
analysts to join its team.
8 Nov 2007
The Kuromatsu Fund, a Japanese large cap equity long/short fund managed by Peter
Nicholas and Chris Taylor, won the Best Japan Fund award at the recent AsiaHedge
Awards in Hong Kong. The fund is focusing on the 1,000 most-liquid stocks in Japan.
Activist manager Steel Partners Japan will host a spectacular party at the Peninsula Hotel in
Tokyo on Nov 15 to celebrate its fifth anniversary.
Akira Adachi, formerly of Fortis Prime Fund Solutions and Sumitomo Trust, has been
appointed Chief Representative in Japan of fund of hedge funds manager Parker Global
Strategies.
7 Nov 2007
Tokyo Hedge Funds Club has teamed up with Superfund to host a luncheon presentation
on modern portfolio theory with Nobel Prize winner Harry Markowitz in Tokyo on Nov 29.
6 Nov 2007
Yuya Shimizu has left Jermyn Capital and joined Japanese activist manager Dalton
Investments as a research analyst.
5 Nov 2007
Darshan Taylor, Chris Vilburn and Apinya Ruangthaveekoon are believed to have left the
office of the CIO at Shinsei Bank in Tokyo.
26 Oct 2007
BFC Asset Management will hold its second annual hedge fund seminar for Japanese
pension funds on 26 November in Tokyo. Confirmed speakers include former Vice Finance
Minister Dr. Eisuke Sakakibara and Michael Sofaer, CEO of Sofaer Capital as well as
representatives from the pension funds of Tokyo Oil, DIC and KDDI.
23 Oct 2007
Bear Stearns and CITIC Securities will create a new joint venture in Asia. Bear Stearns
(Japan) Ltd and other existing Bear entities in Asia will become part of the new venture,
headquartered in Hong Kong. The new venture will offer a broad range of capital market
services from investment banking to venture capital and IPO underwriting as well as asset
management, including hedge funds, and other financial services.
17 Oct 2007
Law firm Pillsbury Winthrop Shaw Pittman and the Managed Funds Association will host the
Tokyo Hedge Fund Symposium on 13 November. Speakers will include Shinichiro Shiraki
(Asuka Asset Management), Brian Hafner (Japan Advisory) and John Gaine
(Managed Funds Association).
15 Oct 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated +0.91% in September
and +0.80% year-to-date.
14 Oct 2007
Nissay Asset Management has opened its Japanese equity long/short fund, managed by
Yoichi Nagae, to outside investors.
Privee Capital Management, headed by Kenzo Matsumura and Masanao Yoshitake, has
launched a small cap, buyout/turnaround-focused Japan fund with $30m in seed money
from its parent company.
13 Oct 2007
GCI Investment Management are about to launch a leveraged version of its Friends Global
Fund. The fund, managed by Jun Yamamoto, is a Japanese equity long/short fund with a
technology focus.
12 Oct 2007
The annual UBS Global Hedge Fund Conference in Singapore this week presented 57
hedge fund managers, including quite a few Japanese ones. Some 500 attendees enjoyed
the conference presentations, one-on-one meetings as well as quite a few Singapore
Slings at the Long Bar of the Raffles Hotel.
At the BNP Paribas-sponsored Hedge Fund Symposium at the Singapore Management
University this week several local hedge fund players motivated their pick of Singapore as
their Asia base as a “lifestyle choice”. Eh? Singapore may have lower taxes than Japan,
but they also have poor service, questionable food, terrible year-round humidity, and
property rents that are now higher than Tokyo’s. To describe Singapore as “a shopping mall
with UN representation” may be a bit over the top, but no smoke without fire. Tokyo is better
than Singapore – there you have it. End of discussion.
Another departure from Investor Select Advisors: Nidhi Huyberechts has joined the
investment advisory team of Montier Partners. She will be focusing on Japan and Asia.
11 Oct 2007
Daiwa Fund Consulting and EIM have announced a strategic partnership to develop funds
of hedge funds for Japanese investors.
4 Oct 2007
Pham Thanh Ha, who previously worked with Japanese equity hedge fund investments for
Sumitomo Trust and Banking Co, has joined Deutsche Securities as a Japan equity analyst.
Shuichi Seo has left Nikko Asset Management to become general manager of the advisory
department of IBS Securities.
1 Oct 2007
Dr Lawrence Summers of DE Shaw and former US Secretary of the Treasury has been
confirmed as keynote speaker at the 8th annual Goldman Sachs Hedge Fund Symposium
in Tokyo in November. Other speakers at the event include Eric Mindich (CEO of Eton Park),
Mitsuhiro Kawamoto (Deputy Director of FSA), Michael Evans (Chairman of Goldman Sachs
Asia), Ed Brogan (Managing Director of Japan Advisory) and Kathy Matsui (Chief Japan
Strategist at Goldman Sachs).
Today Japan Post, the world’s biggest financial institution, takes its first step in a ten-year
privatisation process initiated by former prime minister Koizumi.
30 Sep 2007
Japan’s new Financial Instruments and Exchange Law (FIEL) becomes effective today. This
is the biggest change in Japan’s financial regulations in 20 years.
JH Whitney Investment Management plans to launch a new pan-Asian fund, the Whitney
Asia Pacific Fund, in November. Paul Kitney, formerly of Japan Advisory and Morgan Stanley
Japan , will manage the fund.
29 Sep 2007
Many new and established Japanese hedge fund managers will be showcased to
international investors at a big capital introduction event in Singapore on Oct 10-12. The pan-
Asian hedge fund event is hosted by prime broker UBS.
28 Sep 2007
Last night’s invitation-only Tokyo Hedge Funds Club wine and networking event saw a few
hundred hedge fund managers and institutional investors get together at the exclusive
Tokyo American Club enjoying some fabulous Kilikanoon Australian wines. Wine expert
Carl Robinson of Jeroboam was on hand to explain and recommend wines to thirsty club
members.
20 Sep 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated -2.93% in August.
8 Sep 2007
Toshihiko Nishida has taken over as Chief Portfolio Manager of GCI Asset Management’s
US$60m fund of hedge funds.
Atsuko Tsuchiya, formerly an investment professional at hedge funds Sparx Asset
Management and Citadel Investment Group, has resigned from Merrill Lynch in Hong Kong
to return to Tokyo. At Merrill Lynch she was Head of Japan Public Equities in the Principal
Credit Group.
7 Sep 2007
John Inamine has left the fund of hedge funds group at Sparx Asset Management and is
understood to be planning the launch of a multi-strategy single hedge fund at Sparx.
John Trammell, has resigned as CEO of Investor Select Advisors, the fund of hedge funds
group managing several Japanese and Asian alternative investment funds.
Singapore-based Fullerton Fund Management has reportedly raised US$300 million,
mainly from investors in Japan and Korea, for a new hedge fund.
5 Sep 2007
Junichiro Kawamura has left Mizuho to become head of Partners Group’s new Tokyo office.
4 Sep 2007
The Japan chapter of the Alternative Investment Management Association (AIMA), has
launched a brand new bilingual website, www.aima-japan.org, which will be a great
resource for information on Japanese investors and hedge funds.
31 Aug 2007
Kiyoshi Kohsaka has resigned as hedge fund manager at Axes Investment Management to
join Japan Alternative Investment Co. Ltd, a subsidiary of Mitsui & Co.
29 Aug 2007
Swiss alternative asset manager Partners Group is said to be opening a Tokyo office in the
next few weeks.
28 Aug 2007
Cap intro overkill? The big prime brokers are going head to head in Tokyo in November.
Goldman Sachs puts on its massive Tokyo cap intro conference on Nov 13-14, while Citi is
hosting theirs on Nov 15 followed by a UBS event on Nov 16. There will be some very tired
managers and investors in Roppongi’s bars at the end of that week, don’t you think?
According to research by Eurekahedge the number of hedge funds in Japan has tripled to
270 in past five years. Assets under management in these funds have more than doubled,
to $36 billion during the same period. The estimated 270 hedge funds in Japan are
managed by 155 managers.
Myojo Riodas Master Fund, part of Myojo Asset Management Japan, was ranked the best
performer in June among 58 hedge funds investing in Japan by AsiaHedge. The fund is
managed by Hiromichi Tsuyukubo who before joining Myojo in 2006, managed money at
Mitsubishi UFJ Asset Management. The Myojo Riodas fund, launched in August 2006, is up
13% year-to-date as of the end of July and its AUM is around 3.7 billion yen (US$32m).
27 Aug 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated -0.4% in July.
24 Aug 2007
Katsuaki Morooka, who heads up the unit within Mitsubishi Corporation that invests in
hedge funds, has relocated from Tokyo to London.
The prime brokerage of Goldman Sachs has expanded its Asian and Japanese capital
introduction services for hedge fund clients. Other leading prime brokers are also expected
to expand in Tokyo and Hong Kong.
Japanese hedge fund managers Junichiro Sano of Dalton Investments and Rob Crawford
of Ichigo Asset Management will be speaking about “The rise of hedge funds as activist
investors and acquirers” at the Japan Corporate Restructuring IQ conference in
Tokyo on 12-13 September.
Nomura Trust & Banking has appointed several new senior managers. Hideaki Ichikawa
will take over as General Manager of the Financing department, Masami Ariga will become
General Manager of the Risk Management department and Akira Ito will become General
Manager of Credit Management in the Corporate Risk Management and Credit Management
departments.
23 Aug 2007
Sumitomo Trust & Banking, a major hedge fund gatekeeper for Japan’s pension funds, is
said to be setting up a global product management unit in order to expand outside Japan.
Hitoshi Miyoshi will head the new unit.
20 Aug 2007
Daisuke Hamaguchi of the Japan Pension Funds Association has said in an interview with
Global Pensions that they may consider allocating to hedge funds in the near future,
although no decision has been made.
14 Aug 2007
Japanese broker Ueda Yagi is said to be setting up an alternative investment division and
planning to launch a global fund of hedge funds with an Asian bias.
11 Aug 2007
AIMA Japan and the CFA Institute of Japan will host a joint seminar on hedge fund
replication in Tokyo on 25th September.
10 Aug 2007
Japan’s financial regulator, FSA, said in an FT interview today that it is concerned that the
growing influence of hedge funds is encouraging insider trading. Kiyotaka Sasaki of the FSA
said that investment banks can’t survive unless they do business with hedge funds and that
“the relationship between investment banks and hedge funds is too close.” The FSA is
expected to crack down on hedge funds when a new law known as FIEL comes into effect in
September. It is also expected to take a closer look at investment advisers in Japan who act
as fund managers without the necessary authorisation.
8 Aug 2007
Two former senior portfolio managers at GCI Asset Management have turned up at new
jobs in Tokyo. Atsko Nakajima is now Director, Product Development Division at Ueda Yagi
Securities and Yuko Shirakawa has reportedly joined the Tokyo office of MCP Asset
Management to manage their fund of hedge funds.
2 Aug 2007
Nikko Asset Management has raised 9.1 billion yen (ca US$77 million) for Professional
Stage, its global fund of hedge funds. The fund is aimed at individual investors in Japan.
31 Jul 2007
For the second year in a row, Japan’s Sparx Group is ranked as Asia's biggest hedge fund
manager in Alpha Magazine’s list of Asian hedge funds. Sparx now manages US$6.7 billion.
18 Jul 2007
The June 2007 Eurekahedge Japan Hedge Fund Index estimate is +1.28%, which brings
YTD to +3.20%.
17 Jul 2007
Hong Kong-based hedge fund Thaddeus Capital has hired former Lehman Brothers Japan
analyst Nick Spratt. He will cover Japanese corporations as a senior analyst at the event-
driven hedge fund.
16 Jul 2007
Nikko Asset Management is planning to launch a fund of funds that combines traditional
and alternative investments within the next few weeks. The Professional Stage Fund will
invest in underlying funds investing in asset classes such as equities, bonds, commodities,
real estate, and infrastructure.
13 Jul 2007
Lyxor Asset Management, a subsidiary of Societe Generale, has set up a Japanese branch
focusing on derivatives and alternative investments. Lyxor currently has US$94 billion in
AUM. The new Tokyo office of Lyxor aims to provide hedge funds that match stricter Basel II
capital requirements.
6 Jul 2007
New Star Asset Management is planning to close the New Star Japan Hedge Fund due to
poor performance and its small AUM. The fund had a YTD return of +2.4% as of end of May.
4 Jul 2007
Frank Packard, Head of North Asia for the Alternative Investment Group at HSBC, has today
joined the advisory board of Tokyo Hedge Funds Club.
28 Jun 2007
Stewart Homler, formerly of Deutsche Asset Management, has joined AIG Global Investment
Group as managing director of alternative investments in Japan.
25 Jun 2007
London-based Hasan Financial plans to launch the HFC Japan Tactical Alpha Strategy
Fund in July. The Japan equity long/short fund, which will use technical analysis to make
investment decisions, will be advised by Paul Hutchings, an ex-Nikko Europe prop trader.
Roy Glantz, formerly Representative in Japan of Citadel Investment Group, has joined Bear
Stearns (Japan) Ltd.
22 Jun 2007
Tetsuo Miki has been appointed as Managing Director of the Tokyo office of fund of hedge
funds manager Investor Select Advisors.
21 Jun 2007
Makoto Takahashi has been appointed Chairman of Platinum Grove Asset Management
Japan. Platinum Grove is the $4.5 billion hedge-fund business of Nobel Prize winner and
former Long-Term Capital Management principal Myron Scholes. Takahashi-san is a former
CIO of Sumitomo Mitsui Asset Management and has also had a long career at Nomura
Securities.
20 Jun 2007
The May 2007 Eurekahedge Japan Hedge Fund Index monthly estimate is +0.90% and YTD
is +1.86%.
11 Jun 2007
Former Vice Minster of Finance Dr. Eisuke Sakakibara, speaking at today’s Hedge Fund
Investments Japan conference in Tokyo, predicted that Bank of Japan will raise the interest
rates three times between August and March next year when central bank governor Fukui
will retire. Sakakibara-san also thinks that the carry trade will continue as the yen will remain
weak for some time to come.
9 Jun 2007
Yuko Shirakawa is leaving her job as Senior Portfolio Manager of GCI Asset Management’s
Asian-focused fund of hedge funds. She is believed to be joining a rival firm in Tokyo in a
similar position.
8 Jun 2007
Hedge funds make significant contributions to the efficiencies of the global markets, said
Japan’s Vice Minister of Finance Hiroshi Watanabe in his keynote speech at the Euromoney
Japan Forex Forum in Tokyo today. Watanabe-san claims he favours enhanced risk
management rather than more regulation of the hedge fund industry.
Kenji Ishiguro is believed to have resigned from Aino Investment Corporation, a hedge fund
incubator and investor in Tokyo.
Hedge fund industry association AIMA Japan has announced it will host its annual charity
jazz concert in Tokyo on Friday July 6th in aid of The Tyler Foundation for Childhood Cancer.
6 Jun 2007
Jesper Koll, one of Japan’s most famous and outspoken economists, has left Merrill Lynch
to join hedge fund group Tantallon. Jesper will be President and CEO of Tantallon
Research Japan, a new Tokyo-based advisory arm of the Singapore headquartered fund
management group. Jesper has been in Japan since 1986 and prior to joining Merrill Lynch,
he has also worked for Tiger Fund, JP Morgan and SG Warburg,
4 Jun 2007
Michael Mills has left prime broker UBS, where he was responsible for hedge fund services
sales in Japan, to join Citi in Hong Kong.
28 May 2007
The Optimal Japan Fund won the Best Japan Hedge Fund award at the Asian Masters of
Hedge Awards in Singapore last week.
19 May 2007
Masaya Hara is leaving his position as Head of Alternative Investments at T&D Asset
Management to join Albourne Partners as Managing Director for Japan in June. He has
previously worked at firms such as Nikko Securities, CSFB and Daido Life Insurance. He
also serves on the advisory board of the Tokyo Hedge Funds Club.
18 May 2007
The April estimate for the Eurekahedge Japan Hedge Fund Index is -0.10%, which takes the
year-to-date figure to +1.21%.
15 May 2007
Hiroki Allen, formerly of Deutsche Securities, CSFB, Shinsei Bank and Pineridge Partners,
has joined State Street Japan.
14 May 2007
Former Sony Chairman and CEO Nobuyuki Idei and Japanese Finance Minister Koji Omi
are the keynote speakers at Institutional Investor’s Japan Investment Forum in Tokyo this
week. Other speakers at this high-level hedge fund conference for Japanese pension funds
include Philippa Malmgren, former Special Assistant for Economic Policy to US President
George W. Bush, and Stefan Nilsson, Founder and President of Tokyo Hedge Funds Club.
The Swiss US$23b fund of hedge funds manager RMF Investments, part of the Man
Investments group, has relocated its Asian regional headquarters from Tokyo to Singapore.
Adrian Gmuer has relocated from Tokyo to head up the new Singapore office.
11 May 2007
Japan’s vice finance minister for international affairs, Hiroshi Watanabe, said at a press
conference this week that Japan's hedge fund oversight is quite similar to the approaches
taken by the UK and USA. The preferred method of monitoring hedge funds in Japan is
keeping an eye on money lent to hedge funds by banks, as the banks
themselves are already regulated and closely monitored.
8 May 2007
According to hedge fund research company Eurekahedge, during the past 12 months there
were 51 Japan-focused hedge funds with more than $150 million in AUM.
7 May 2007
HSBC Securities (Japan) Limited today announced the establishment of a new alternative
investment department that has been set up to focus on growing hedge fund sales to
Japanese institutional investors and private banking clients. Frank Packard has been
appointed to head the Alternative Investment Group in Japan. The Alternative Investment
Group has more than US$38 billion in client assets invested in hedge funds. Mr. Packard
joins HSBC after spending more than 25 years in the financial services industry, and has
spent the last 20 years working in Japan and across Asia. In 2004, he co-founded FinTech
Global Securities, a Japanese securities broker dealer devoted to cross-border investment
banking and capital raising for alternative investment funds.
According to industry sources, US-based hedge fund Phalanx Capital Management will
soon open a Tokyo office. The firm is said to be hiring two traders to join a new portfolio
management team based in Japan. Former Daiwa bankers Chris McGuire and Neal
Brauweiler set up the Phalanx Japan Australasia Multi-Strategy Fund in April 2005.
4 May 2007
According to industry sources, Dalton’s Melchior Japan Fund has lost around 75% of its
AUM. Following great performance in 2005, the fund lost money in 2006 and was down at
the end of the first quarter of 2007.
2 May 2007
Japan's Financial Services Agency announced this week it may begin to monitor Japanese
hedge funds in order to ward off potential turmoil in financial markets. Beginning in
September, the FSA plans to ask Japanese hedge funds to report their AUM on an annual
basis.
1 May 2007
Randall Kahn, formerly with Ward Ferry, Nicholas Applegate and Daiwa Securities, has
launched his own hedge fund firm, Apiana Investments. The new Apiana Japan equity
long/short fund is planned to start trading in the summer.
30 Apr 2007
Lilik Takahashi, formerly with Pequot, DKR Oasis and Ward Ferry, is setting up his own
hedge fund firm, Piala Capital Management. Piala will trade a Japan equity long/short
strategy.
28 Apr 2007
Mitsutomo “Tomo” Watanabe has left Japanese asset management firm GCI Asset
Management to join Tanaka Value Investments, a provider of alternative investment
products for institutional investors in Japan. Tanaka Value Investments is headed by Jumbo
Tanaka, a former President of Cerberus Japan. Prior to joining GCI in 2005, Tomo worked at
Asuka Asset Management where he was in charge of investor relations/marketing and
previously he was at Moore Strategic Value Partners Japan. Since 1993, Tomo has worked
in the fixed-income area focusing on ABS, loan securitization and various structured
products at Chase Securities Tokyo, Goldman Sachs Hong Kong and New York, and
Merrill Lynch New York. He started his career at Sumitomo Trust and Banking in Tokyo. He
received his BA in Economics from Keio University, and his MBA from Sloan School of
Management, MIT. He also serves on the advisory board of the Tokyo Hedge Funds Club.
27 Apr 2007
Activist hedge fund manager Dalton Investments is to launch a new pan-Asia hedge fund in
July. The new multi-strategy Dalton Asia Fund will invest in large-cap equities in Japan,
Greater China, Thailand and also possibly in India. The Los Angeles headquartered firm
currently has 12 people in Japan and eight in China supporting its existing funds, the Dalton
Greater China Fund and Dalton Japan Absolute Return Fund. Jamie Rosenwald, a former
George Soros advisor and Dalton’s co-founder, will be the portfolio manager for the new
fund. Year-to-date Dalton’s Japan hedge fund has returned -0.2% and has US$24 million in
AUM.
23 Apr 2007
London-based Odey Asset Management’s Japan fund, with over US$950m in AUM, returned
-9.39% in March according to an investor newsletter. This takes the performance for the past
12 months to -23.08%. The majority of the decline in performance in March was attributable
to the long book, according to the portfolio manager Alex Griffiths.
Chie Furui has left Barclays Capital and joined Fortis Prime Fund Solutions as Head of
Business Development, Japan.
Andrew Mascall-Robson has left Fortis Prime Fund Solutions in Tokyo to join JP Morgan's
fund administration division in a pan-Asian business development role.
20 Apr 2007
Hitoshi Kudo, who recently left AIG, has joined RBS Securities Japan as Senior Director and
Head of Asset Management Products, focusing on alternative investments.
18 Apr 2007
The estimated return of the Eurekahedge Japan Hedge Fund Index for March was -0.87%,
which brings the 2007 year-to-date performance to +1.03%.
16 Apr 2007
Kosuke Ikeda, who recently left DKR Capital, has joined the London-based alternatives
advisory boutique First Avenue Partners.
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US$20 billion hedge fund manager Citadel has reportedly hired Yasu Kuga and Ken
Moriyama as portfolio managers in its Tokyo office.
12 Aug 2008
Yoshiaki Iizuka, formerly CIO of Traders Investment Management and CEO of American
Express Financial Advisors Japan, has joined Tokyo-based funds of hedge funds shop
Rogers Investment Advisors as head of Japanese research.
11 Aug 2008
Lincoln Valentine, a hedge fund analyst for fund of hedge funds shop RMF in Singapore and
Tokyo for the past four years, has left the firm.
7 Aug 2008
Patrick Ekerot, formerly a Tokyo-based portfolio manager for several hedge funds and an
active member of Tokyo Hedge Funds Club, has sadly passed away.
Dai-ichi Life, Japan’s second largest life insurer with some US$275 billion in assets, plans
to up its hedge fund investments. It currently has invested in more than 100 hedge funds,
including funds of hedge funds, globally.
Brad Resnik, a sales director in Deutsche’s prime brokerage team in Tokyo and a member
of the executive committee of AIMA Japan, has relocated to Sydney to take up a new role with
Deutsche.
6 Aug 2008
Dalton Investments, a US$1 billion hedge fund firm with offices in Los Angeles, Shanghai
and Tokyo, is believed to be in the process of launching a Japanese REIT fund.
4 Aug 2008
Masanori Yamagishi has moved from the investment department of Nipponkoa Insurance to
its fund of hedge funds subsidiary Zest Asset Management where he has replaced portfolio
manager Ryo Sato.
31 Jul 2008
2008 Q1 profit fell 75% at Aozora Bank as fees declined and returns on investments in
hedge funds withered.
Ryo Sato is leaving his job as portfolio manager of Tokyo-based global fund of funds
manager Zest Asset Management today. He will take up a new position in the investment
department of Zest's parent company Nipponkoa Insurance.
29 Jul 2008
Shin Kubo, previously at Russell Investments in Tokyo and London, has recently relocated
within the firm to Singapore where he will work on hedge fund manager research.
22 Jul 2008
Resolution Asset Management has launched a Japan-focused 130/30 fund.
21 Jul 2008
Triple A Partners, the hedge fund seeding business founded by Hans Tiedemann, has
announced that Joanne Murphy (ex-HSBC, Deutsche and Fortis) has joined the company as
marketing director for Asia Pacific.
16 Jul 2008
The June estimate for the Eurekahedge Japan Hedge Fund Index is -2.68%, which brings
the YTD performance to -4.00%.
15 Jul 2008
Yusuke Nishi, managing principal of Steel Partners Japan, has resigned from the activist
fund manager after seven years of service.
TCI, the US$10b activist fund manager that has been fighting an uphill struggle in Japan,
reportedly lost US$1b in June.
9 Jul 2008
Stephen Satchell, who recently left Credit Suisse where he ran the proprietary credit book for
Asia-Pacific, is understood to be in the process of setting up his own credit hedge fund.
8 Jul 2008
Activist fund manager Dalton Investments plans to raise US$450 million to invest in
underperforming Japanese real estate investment trusts.
7 Jul 2008
Japan has announced a relaxation of its tax code to aid foreign hedge funds seeking to
avoid dual taxation.
2 Jul 2008
Hedge fund seeder/incubator Sumitomo Corporation’s AUM has shrunk by 38% over the
past year. Sumitomo’s asset management division provides seed capital for hedge fund
managers and also invests in CTAs and currency strategies. It currently has over US$940m
invested in alternatives.
28 Jun 2008
The Children's Investment Fund failed to get its way with J-Power at this week's annual
shareholders' meeting, but may have helped Japan one further step on its way to improved
corporate governance. Shareholder activism in Japan is slowly making progress as more
and more usually passive Japanese shareholders are starting to stand up for their rights.
27 Jun 2008
More than 300 specially invited guests came together for the Tokyo Hedge Funds Club
Summer Party at Roppongi Hills on Thursday night.
130/30 and hedge fund replication strategies will not succeed in gaining a real following
among Japanese investors according to an investor panel at the annual Hedge Fund
Investments Japan conference.
A panel of the ruling Liberal Democratic Party has recommended that a sovereign wealth
fund is set up to better manage Japan's pension funds. A JPMorgan-hosted conference will
discuss the topic at a July 2nd conference in Tokyo.
26 Jun 2008
Hiromichi Otsu, previously of Bear Stearns Japan and Commerzbank, has left Russell
Investments in Japan.
16 Jun 2008
Tomo Kamisaku has joined fund of hedge funds giant Optimal's Tokyo office.
14 Jun 2008
Carl Svahn, who had a stint in the asset management sales division of Bear Stearns Japan
in 2007, has joined Ueda Yagi Securities in Tokyo. Ueda Yagi distributes hedge funds in
Japan and the firm will also be launching its first fund of hedge funds in August. The FoFs
investment team is managed by well-known hedge fund industry veteran Atsko Nakajima
who joined Ueda Yagi in 2007. The fund is understood to have an Asian bias but may also
diversify by allocating to managers globally.
12 Jun 2008
Markus Buechel who headed Superfund’s Tokyo office has transferred back to the firm’s
head office in Vienna, Austria. He has been replaced in Japan by Hironori Tsuchiya.
10 Jun 2008
Odey Asset Management is understood to be closing down its Japanese hedge fund after
the fund's AUM fell from US$1b to US$39m.
6 Jun 2008
Shaka Capital Management in New York has launched the Shaka Japan Fund which will
invest in the top 250 stocks in Japan. Shaka’s management team includes several former
members of Morgan Stanley’s Japanese equities team, while the portfolio manager
Alexandre de Bethmann formerly worked at Federated Global.
1 Jun 2008
Brian Manley, who recently left the alternative investment team at Shinsei Bank in Tokyo, has
been reunited with his former boss Mark Cutis at the Abu Dhabi Investment Council in the
United Arab Emirates.
28 May 2008
Daido Life Insurance has said it plans to increase allocations to hedge funds. The life
insurer has so far mainly invested in hedge funds via funds of funds.
Ward Ferry is understood to be launching a new small-cap Japan fund.
27 May 2008
Makoto Haga, who became the first hedge fund manager at Nomura in 1998, will start Wing
Asset Management in August. Haga-san will focus on investing in Japanese large-cap
stocks.
16 May 2008
Hedge Vision Japan Fund, a Switzerland-based Japan equity long/short fund launched in
November 2006, has been shut down because of big drawdowns and subsequent investor
redemptions. The portfolio manager is currently looking for seed capital to start another
Japan-focused fund.
15 May 2008
The Eurekahedge Japan Hedge Fund Index returned an estimated +2.67% in April which
takes the 2008 YTD performance to -3.28%.
14 May 2008
The Japanese government has ordered The Children's Investment Fund to drop its plans to
double its stake in J-Power to 20% or face punishment under a national security law. This is
the first time that Japan, which has almost no natural energy resources of its own, has
invoked the law to block a foreign investment.
13 May 2008
Stephen Givens, corporate lawyer and adviser to The Children's Investment Fund (TCI), will
discuss his views on the high-profile J-Power case at a presentation organised by the
French Chamber of Commerce and Industry in Japan on May 23. Earlier on the same day,
former Vice Minister for International Affairs at the Ministry of Finance, Hiroshi Watanabe, will
speak on the subprime crisis at a luncheon organised by the Swedish Chamber of
Commerce and Industry in Japan.
12 May 2008
Brian Manley is leaving Shinsei Bank’s alternative investment team. Lance Lintner is
believed to have also left the team for another position within the bank.
NewSmith Asset Management in Tokyo last month launched a new Japan equity long/short
fund. The NewSmith Japan New Horizons Fund is managed by Jun Yamamoto. Prior to
joining NewSmith, Jun Yamamoto was a Director and Portfolio Manager at Aim Investment
Corp, where he sub-advised the GCI Friends Global Fund from 2006 to 2008. Previously, Mr.
Yamamoto was Principal, Co-Portfolio Manager and Manufacturing sector research analyst
of Japanese equity at Clay Finlay Inc. from 1997 to 2005.
6 May 2008
Mitsubishi Corporation, the largest trading company in Japan, is paying US$40 million for a
19.5% stake in US hedge fund manager Aladdin Capital.
5 May 2008
Keiichi Sano last month left Sumisho Capital to join SCM Securities.
The 2nd annual RiskJapan conference will take place in Tokyo on 10 September.
Confirmed speakers include Akira Yamauchi (CIO, Hedge Fund Investments, Mitsui
Sumitomo Insurance), Jesper Koll (President, Tantallon Research Japan), Randall Kahn
(Managing Partner, Apiana Investments), Angus McKinnon (Managing Partner, Tozai
Investment Advisory) and Stefan Nilsson (Founder and President, Tokyo Hedge Funds
Club).
2 May 2008
Kengo Osawa has left Mitsubishi Asset Brains and joined the Bank of Yokohama where will
be in charge of the bank’s principal investments in traditional and alternative assets.
1 May 2008
Ben Weiss, formerly of Shinsei Bank in Tokyo, has found a home for his global equity
strategy which he has developed over the past year. Ben will shortly relocate from Tokyo to
Hong Kong to join SHK where he as portfolio manager will launch the SHK Global Equity
Fund.
A Eurekahedge survey of 260 hedge funds which invest exclusively in Japanese assets has
revealed that they lost on average 8.6% in the fiscal year ending March 31. AUM is down to
US$22.65 billion, which is US$10.76 billion less than a year earlier.
25 Apr 2008
The 777 Fund has won the Best Japan Fund award at the AsianInvestor 2008 Investment
Performance Awards. The 777 Fund, an event-driven Japanese equities strategy, was
launched in September 2006 and is managed by Yutaka Hashimoto at 777 Investments in
Singapore.
24 Apr 2008
London-based Ferox Capital Management has launched the Ferox Japan Fund, a
directional hedged convertibles fund, with about US$100m. The fund will be managed by an
investment team led by Jeremy Herrmann.
23 Apr 2008
Mark Cutis, formerly CIO of Shinsei Bank in Tokyo, is believed to have relocated to the
United Arab Emirates to take up a new investment position with the Abu Dhabi Investment
Authority.
22 Apr 2008
Makoto Takahashi has left Platinum Grove Asset Management to become chairman of
United Managers Japan.
21 Apr 2008
Japan's insurance companies, collective managing US$1.6 trillion, are set to invest more in
hedge funds due to low government bond yields and volatile currency markets.
18 Apr 2008
The Children’s Investment Fund (TCI) has been blocked by the Japanese government from
doubling its stake in J-Power to 20%. The government cited national security as the reason
for the rejection of TCI’s offer. TCI’s John Ho called it “a sad day for Japan”.
10 Apr 2008
Thomas Steen, formerly of Japanese hedge fund firm Ottoman Capital, has joined DDX
Capital Partners in Toronto.
9 Apr 2008
Richard Okuno has left Teneo Partners to join Japanese hedge fund manager Rheos
Capital Works.
5 Apr 2008
Izumi Kazuhara has left Eurex in Frankfurt to become Chief Representative in Japan for Liffe,
part of the NYSE Euronext Group.
4 Apr 2008
The Eurekahedge Japan Index of hedge funds was down an estimated -2.37% in March,
which brings the YTD figure to -4.93%.
2 Apr 2008
Dr. Richard Horodeck, formerly President of Drake Management in Tokyo, has joined The
Rohatyn Group. He will be stationed in Hong Kong.
28 Mar 2008
The UMJ Neutro Fund, managed by Tadashi Mukai, was up 11% in 2007 and was the best
performing Japanese equity market neutral fund according to AsiaHedge. It also had a good
start to 2008, gaining a total of +2.3% in January and February as the Topix index went down
10%.
17 Mar 2008
Both Paulson & Co. and Renaissance Technologies have been confirmed to speak at the
annual Hedge Fund Investments Japan conference in Tokyo on 25-26 June.
14 Mar 2008
Felix Sim has left the investment team at Japanese hedge fund manager GCI Group. Felix,
who is Singapore based, will join Opes Prime Asset Management later this month.
6 Mar 2008
Hans Tiedemann’s Triple A Partners has seeded 360 Asset Management’s new Japan
equity long/short fund with US$10m. The fund is run from London by John Aylott, formerly
portfolio manager for the Zan Alpha Fund.
5 Mar 2008
Eurekahedge’s Japanese hedge fund index was -3.1% in January.
4 Mar 2008
Mizuho Trust has appointed Takashi Nonaka as CEO to succeed Teruhiko Ikeda. Mr Ikeda
will become chairman of the company.
29 Feb 2008
Keiko Sydenham has left Orix Investments to join Russell Investments Japan as a hedge
fund investment product specialist.
28 Feb 2008
James Lee, formerly of Tiger Asia Management, has founded Stylos Capital Management.
The Stylos Asia Master Fund, an equity long/short fund focused on small and mid-cap
companies, will invest in Japan, China and South Korea.
16 Feb 2008
Polar Capital has reportedly shut down three of its hedge funds, including the Lotus Fund, a
Japan equity long/short fund, due to poor performance.
11 Feb 2008
A Goldman Sachs private equity fund has bought a 19.9% stake in Capula Investment
Management. The London-based US$3b hedge fund was founded by ex-UFJ man Masao
Asai.
Toshiro Muto seems set to become the next governor of the Bank of Japan when Toshihiko
Fukii steps down on March 19.
8 Feb 2008
IQPC's 3rd annual Hedge Fund Investments Japan conference has been announced for
June 25-26. Early confirmed speakers include Greg Quental (Global Head of Hedge Funds,
Bear Stearns Asset Management), Andrew Shipley (author of "The Japanese Money Tree")
and Stefan Nilsson (Head of Capital Introduction, Bear Stearns Japan and founder of Tokyo
Hedge Funds Club).
6 Feb 2008
Goldman Sachs has reportedly closed its GS Strategic Japan Partners fund of hedge funds
following losses and investor redemptions.
Investments in Japanese hedge funds have shrunk to an estimated US$24 billion
according to Reuters. However, this figure does not include the many billions of dollars that
Japanese investors have invested with non-Japan-focused hedge funds globally.
According to Eurekahedge, Japanese-focused hedge funds lost a combined US$10.9
billion in 2007, due to poor performance and US$7.7 billion of investor redemptions.
Lipper has estimated that the rate of closures among Japan long/short equity funds jumped
to over 13% in 2007.
5 Feb 2008
Minoru Umezaki has left Aizawa Securities in Tokyo to set up Theoria Capital Management
in Singapore.
2 Feb 2008
New York-based CEO Capital Management, led by founder and CIO Daniel Bruno, is
seeking two Tokyo-based sales people as part of its expansion into Japan.
30 Jan 2008
Megumi Miyashita has left Eurekahedge to join Daiwa Wealth Management Singapore.
25 Jan 2008
Credit Suisse in Japan is believed to be expanding its prime brokerage business with a
couple of new hires, including a new capital introduction person in Tokyo.
21 Jan 2008
Seiichi Fukuyama has left his position as CEO of BlackRock Japan to become Vice
Chairman of BlackRock Asia. He is being replaced as CEO by Hiroyuki Arita.
18 Jan 2008
Shaun Lawson’s Hunter Capital has hired Paula Sugawara to head up its alternative
investment recruiting effort. Paula has had a long career in investment banking in Japan
with firms such as Goldman Sachs, Nomura and Lehman Brothers.
17 Jan 2008
While Asian Investor the other day said that average returns for Japanese hedge funds in
2007 were +1.98%, Eurekahedge now says the figure is -1.12%. Tack your pick. Use
whatever suits your needs. Everyone else does.
16 Jan 2008
Miki Fukunaga has left Goldman Sachs' Tokyo capital introduction team to relocate to Hong
Kong for a similar position.
15 Jan 2008
AIMA Japan has announced some of the top-level speakers that will be speaking at this
year's AIMA Japan Hedge Fund Forum 2008 in Tokyo on 6 March. They include Tokiko
Shimizu (Bank of Japan), Yasunori Nakagami (Asuka Corporate Advisory), Kenji Fujii
(Aozora Bank), Yasuo Sugeno (Daiwa Research Institute) and Sadayuki Horie (Nomura
Research Institute).
14 Jan 2008
Average returns for Japanese hedge funds in 2007 were +1.98%, according to Asian
Investor.
8 Jan 2008
Masahiko Furukawa has left Zest Asset Management, the fund of hedge funds subsidiary of
Nipponkoa Insurance. He has been replaced by Ryo Sato.
7 Jan 2008
ACAM Advisors, the fund of hedge funds subsidiary of Itochu Corporation, has appointed
Hiroto Satomi as its new CEO and CIO. Satomi-san is currently president of Itochu Capital
Securities and he founded ACAM in 1992.
28 Dec 2007
The Tokyo Hedge Funds Club featured in Opening Bell's summary of 2007's financial and
business news on TV Tokyo this morning.
26 Dec 2007
Kazuhiro Kajiyama has left Shinsei Bank where he was Deputy General Manager, Asset
Management. He has joined the Tokyo branch of FRM International as Senior Vice President.
25 Dec 2007
Terence Murphy has left his position as Chairman of Hudson Japan, Lone Star Funds’
Japanese affiliate, after nearly a decade with the firm. Koa Tree Capital is his new
destination.
21 Dec 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated -1.49% in November.
20 Dec 2007
Tokyo Hedge Funds Club's founder Stefan Nilsson will host a panel discussion on the
Japanese hedge fund industry at the MARHedge/Institutional Investor Asian Hedge Fund
Conference in Singapore on 26 February.
18 Dec 2007
According to a recent Russell Alternative Investment Survey on Japan, pension funds
account for more than 9% of total allocations in Japan. Also, the survey results reveal that
Japanese investors expect hedge funds to return +4.6% on average in 2009.
14 Dec 2007
The Japan Hedge Fund Initiative, headed by Grosvenor Japan’s CEO Kats Ashizawa,
hosted a charity evening in Tokyo on Dec 12 to raise money for the Shisei Gakuen
orphanage.
13 Dec 2007
Yes, the rumours are true! After eleven networking events in Tokyo, the team behind Tokyo
Hedge Funds Club now takes its successful concept to Singapore. The first Singapore
Hedge Funds Club networking evening will take place on Tuesday 26 February.
11 Dec 2007
US fund of hedge funds firm Federal Street Partners has set up a research office in Japan.
Ted Barksdale heads up the new Tokyo office and is in charge of researching Asian hedge
fund managers.
7 Dec 2007
Florence Lombard, CEO of the Alternative Investment Management Association (AIMA)
visited Tokyo today to discuss AIMA’s role in the global hedge fund industry at a luncheon
hosted by Bear Stearns.
Japanese financial institutions investing in hedge funds have increased from 63% to nearly
70% according to a new survey by Greenwich Associates. Japanese pension funds who
allocate to hedge funds have an average allocation to the asset class of 1.9%.
6 Dec 2007
350 professionals from the Japanese hedge fund industry came together for the Tokyo
Hedge Funds Club year-end party last night.
Akira Yamauchi has left Resona Bank to join Mitsui Sumitomo Insurance as CIO of hedge
fund investments.
5 Dec 2007
Mark Cutis, former CIO of Shinsei Bank, is believed to be considering setting up his own
hedge fund.
29 Nov 2007
AIMA Japan will host its annual hedge fund conference in Tokyo on 6th March.
27 Nov 2007
Former Vice-Finance Minister Eisuke Sakakibara was the keynote speaker at last night’s
second annual BFC Hedge Fund Seminar for pension funds. The event in Tokyo was
hosted by BFC Asset Management and many of Japan’s big pension funds were in
attendance.
Ed Rogers, founder and CEO of Rogers Investment Advisors, who advises a Japan-focused
fund of hedge funds, estimates that Japan-only hedge funds now amount to around 400
funds.
26 Nov 2007
Goldman Sachs’ Kathy Matsui said in a Bloomberg interview that hedge funds are shifting
Asian investments out of Japan because of lower returns and poor corporate governance.
Capula Investment Management, a US$2.5 billion London-based hedge fund, plans to start
an equity investment advisory business in Japan in 2008, according to a Reuters interview
with Mamoru Sakai, representative director for Capula's Japan business.
21 Nov 2007
Japanese hedge fund Moonlight Capital reportedly faces potential punishment by the
Securities and Exchange Surveillance Commission for allegedly violating securities law.
Déjà vu? JC Flowers is reportedly leading a multi-investor bid for a 32% stake in Shinsei
Bank for US$1.8 billion.
17 Nov 2007
RAB Capital has bought a 20% stake in Tokyo-based Prestige Asset Management to
improve its marketing capability in Japan. Prestige Asset Management, which is focused on
distribution, was founded in 2004 by Makoto Matsuzaki.
16 Nov 2007
Oh, yes! The rumours were true. When Steel Partners celebrated the fifth anniversary of its
Japan Strategic Fund with a lavish party for Tokyo’s hedge fund royalty, they served Sapporo
beer and even gave the guests a gift bag with both Nisshin cup noodles and Bull-Dog
sauce. Warren Lichtenstein looked like he enjoyed himself.
14 Nov 2007
Nobuki Yasuda has recently left Sumitomo Life Insurance, where he was head of alternative
investments, to join the Pension Fund Association, one of Japan’s biggest pension funds.
13 Nov 2007
Mark Cutis, CIO of Shinsei Bank, who once ran a one billion dollar hedge fund portfoilio, has
recently left the bank together with most of his 12-member investment team. Apinya
Ruangthaveekoon is believed to have joined Barclays Capital while Chris Vilburn seems to
have joined Goldman Sachs.
Japanese hedge funds may have had a challenging year, but when Eton Park CEO Eric
Mindich gave the keynote speech this morning at the eighth annual Goldman Sachs Tokyo
Hedge Fund Symposium, the room was packed with close to 700 attendees. Clearly there
is still some life in the old karate kid (Japan that is, not Mindich).
12 Nov 2007
The Goldman Sachs Tokyo cap intro event has arrived! Everyone who is anyone in hedge
funds will not be available for the next two days. They will all be at the Goldman conference
at Chinzan-so.
Hawaii-based Bellamy Fund Management has launched a long-biased fund investing in
Japanese mid- to large cap stocks. The Samurai Fund is advised by Tokyo-based Rise
Asset Management.
9 Nov 2007
A study by research firm Oliver Wyman found that 71% of the Asian hedge funds surveyed
invest in the Japanese credit markets.
The Eurekahedge Japan Hedge Fund Index, which tracks 126 hedge funds investing in
Japan, was up an estimated +0.64% in October.
Panax, an Asian tech-focused hedge fund managed by Cecilia Melin, is expanding its
research teams. The Tokyo- and Hong Kong-based fund is currently looking for additional
analysts to join its team.
8 Nov 2007
The Kuromatsu Fund, a Japanese large cap equity long/short fund managed by Peter
Nicholas and Chris Taylor, won the Best Japan Fund award at the recent AsiaHedge
Awards in Hong Kong. The fund is focusing on the 1,000 most-liquid stocks in Japan.
Activist manager Steel Partners Japan will host a spectacular party at the Peninsula Hotel in
Tokyo on Nov 15 to celebrate its fifth anniversary.
Akira Adachi, formerly of Fortis Prime Fund Solutions and Sumitomo Trust, has been
appointed Chief Representative in Japan of fund of hedge funds manager Parker Global
Strategies.
7 Nov 2007
Tokyo Hedge Funds Club has teamed up with Superfund to host a luncheon presentation
on modern portfolio theory with Nobel Prize winner Harry Markowitz in Tokyo on Nov 29.
6 Nov 2007
Yuya Shimizu has left Jermyn Capital and joined Japanese activist manager Dalton
Investments as a research analyst.
5 Nov 2007
Darshan Taylor, Chris Vilburn and Apinya Ruangthaveekoon are believed to have left the
office of the CIO at Shinsei Bank in Tokyo.
26 Oct 2007
BFC Asset Management will hold its second annual hedge fund seminar for Japanese
pension funds on 26 November in Tokyo. Confirmed speakers include former Vice Finance
Minister Dr. Eisuke Sakakibara and Michael Sofaer, CEO of Sofaer Capital as well as
representatives from the pension funds of Tokyo Oil, DIC and KDDI.
23 Oct 2007
Bear Stearns and CITIC Securities will create a new joint venture in Asia. Bear Stearns
(Japan) Ltd and other existing Bear entities in Asia will become part of the new venture,
headquartered in Hong Kong. The new venture will offer a broad range of capital market
services from investment banking to venture capital and IPO underwriting as well as asset
management, including hedge funds, and other financial services.
17 Oct 2007
Law firm Pillsbury Winthrop Shaw Pittman and the Managed Funds Association will host the
Tokyo Hedge Fund Symposium on 13 November. Speakers will include Shinichiro Shiraki
(Asuka Asset Management), Brian Hafner (Japan Advisory) and John Gaine
(Managed Funds Association).
15 Oct 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated +0.91% in September
and +0.80% year-to-date.
14 Oct 2007
Nissay Asset Management has opened its Japanese equity long/short fund, managed by
Yoichi Nagae, to outside investors.
Privee Capital Management, headed by Kenzo Matsumura and Masanao Yoshitake, has
launched a small cap, buyout/turnaround-focused Japan fund with $30m in seed money
from its parent company.
13 Oct 2007
GCI Investment Management are about to launch a leveraged version of its Friends Global
Fund. The fund, managed by Jun Yamamoto, is a Japanese equity long/short fund with a
technology focus.
12 Oct 2007
The annual UBS Global Hedge Fund Conference in Singapore this week presented 57
hedge fund managers, including quite a few Japanese ones. Some 500 attendees enjoyed
the conference presentations, one-on-one meetings as well as quite a few Singapore
Slings at the Long Bar of the Raffles Hotel.
At the BNP Paribas-sponsored Hedge Fund Symposium at the Singapore Management
University this week several local hedge fund players motivated their pick of Singapore as
their Asia base as a “lifestyle choice”. Eh? Singapore may have lower taxes than Japan,
but they also have poor service, questionable food, terrible year-round humidity, and
property rents that are now higher than Tokyo’s. To describe Singapore as “a shopping mall
with UN representation” may be a bit over the top, but no smoke without fire. Tokyo is better
than Singapore – there you have it. End of discussion.
Another departure from Investor Select Advisors: Nidhi Huyberechts has joined the
investment advisory team of Montier Partners. She will be focusing on Japan and Asia.
11 Oct 2007
Daiwa Fund Consulting and EIM have announced a strategic partnership to develop funds
of hedge funds for Japanese investors.
4 Oct 2007
Pham Thanh Ha, who previously worked with Japanese equity hedge fund investments for
Sumitomo Trust and Banking Co, has joined Deutsche Securities as a Japan equity analyst.
Shuichi Seo has left Nikko Asset Management to become general manager of the advisory
department of IBS Securities.
1 Oct 2007
Dr Lawrence Summers of DE Shaw and former US Secretary of the Treasury has been
confirmed as keynote speaker at the 8th annual Goldman Sachs Hedge Fund Symposium
in Tokyo in November. Other speakers at the event include Eric Mindich (CEO of Eton Park),
Mitsuhiro Kawamoto (Deputy Director of FSA), Michael Evans (Chairman of Goldman Sachs
Asia), Ed Brogan (Managing Director of Japan Advisory) and Kathy Matsui (Chief Japan
Strategist at Goldman Sachs).
Today Japan Post, the world’s biggest financial institution, takes its first step in a ten-year
privatisation process initiated by former prime minister Koizumi.
30 Sep 2007
Japan’s new Financial Instruments and Exchange Law (FIEL) becomes effective today. This
is the biggest change in Japan’s financial regulations in 20 years.
JH Whitney Investment Management plans to launch a new pan-Asian fund, the Whitney
Asia Pacific Fund, in November. Paul Kitney, formerly of Japan Advisory and Morgan Stanley
Japan , will manage the fund.
29 Sep 2007
Many new and established Japanese hedge fund managers will be showcased to
international investors at a big capital introduction event in Singapore on Oct 10-12. The pan-
Asian hedge fund event is hosted by prime broker UBS.
28 Sep 2007
Last night’s invitation-only Tokyo Hedge Funds Club wine and networking event saw a few
hundred hedge fund managers and institutional investors get together at the exclusive
Tokyo American Club enjoying some fabulous Kilikanoon Australian wines. Wine expert
Carl Robinson of Jeroboam was on hand to explain and recommend wines to thirsty club
members.
20 Sep 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated -2.93% in August.
8 Sep 2007
Toshihiko Nishida has taken over as Chief Portfolio Manager of GCI Asset Management’s
US$60m fund of hedge funds.
Atsuko Tsuchiya, formerly an investment professional at hedge funds Sparx Asset
Management and Citadel Investment Group, has resigned from Merrill Lynch in Hong Kong
to return to Tokyo. At Merrill Lynch she was Head of Japan Public Equities in the Principal
Credit Group.
7 Sep 2007
John Inamine has left the fund of hedge funds group at Sparx Asset Management and is
understood to be planning the launch of a multi-strategy single hedge fund at Sparx.
John Trammell, has resigned as CEO of Investor Select Advisors, the fund of hedge funds
group managing several Japanese and Asian alternative investment funds.
Singapore-based Fullerton Fund Management has reportedly raised US$300 million,
mainly from investors in Japan and Korea, for a new hedge fund.
5 Sep 2007
Junichiro Kawamura has left Mizuho to become head of Partners Group’s new Tokyo office.
4 Sep 2007
The Japan chapter of the Alternative Investment Management Association (AIMA), has
launched a brand new bilingual website, www.aima-japan.org, which will be a great
resource for information on Japanese investors and hedge funds.
31 Aug 2007
Kiyoshi Kohsaka has resigned as hedge fund manager at Axes Investment Management to
join Japan Alternative Investment Co. Ltd, a subsidiary of Mitsui & Co.
29 Aug 2007
Swiss alternative asset manager Partners Group is said to be opening a Tokyo office in the
next few weeks.
28 Aug 2007
Cap intro overkill? The big prime brokers are going head to head in Tokyo in November.
Goldman Sachs puts on its massive Tokyo cap intro conference on Nov 13-14, while Citi is
hosting theirs on Nov 15 followed by a UBS event on Nov 16. There will be some very tired
managers and investors in Roppongi’s bars at the end of that week, don’t you think?
According to research by Eurekahedge the number of hedge funds in Japan has tripled to
270 in past five years. Assets under management in these funds have more than doubled,
to $36 billion during the same period. The estimated 270 hedge funds in Japan are
managed by 155 managers.
Myojo Riodas Master Fund, part of Myojo Asset Management Japan, was ranked the best
performer in June among 58 hedge funds investing in Japan by AsiaHedge. The fund is
managed by Hiromichi Tsuyukubo who before joining Myojo in 2006, managed money at
Mitsubishi UFJ Asset Management. The Myojo Riodas fund, launched in August 2006, is up
13% year-to-date as of the end of July and its AUM is around 3.7 billion yen (US$32m).
27 Aug 2007
The Eurekahedge Japan Hedge Fund Index returned an estimated -0.4% in July.
24 Aug 2007
Katsuaki Morooka, who heads up the unit within Mitsubishi Corporation that invests in
hedge funds, has relocated from Tokyo to London.
The prime brokerage of Goldman Sachs has expanded its Asian and Japanese capital
introduction services for hedge fund clients. Other leading prime brokers are also expected
to expand in Tokyo and Hong Kong.
Japanese hedge fund managers Junichiro Sano of Dalton Investments and Rob Crawford
of Ichigo Asset Management will be speaking about “The rise of hedge funds as activist
investors and acquirers” at the Japan Corporate Restructuring IQ conference in
Tokyo on 12-13 September.
Nomura Trust & Banking has appointed several new senior managers. Hideaki Ichikawa
will take over as General Manager of the Financing department, Masami Ariga will become
General Manager of the Risk Management department and Akira Ito will become General
Manager of Credit Management in the Corporate Risk Management and Credit Management
departments.
23 Aug 2007
Sumitomo Trust & Banking, a major hedge fund gatekeeper for Japan’s pension funds, is
said to be setting up a global product management unit in order to expand outside Japan.
Hitoshi Miyoshi will head the new unit.
20 Aug 2007
Daisuke Hamaguchi of the Japan Pension Funds Association has said in an interview with
Global Pensions that they may consider allocating to hedge funds in the near future,
although no decision has been made.
14 Aug 2007
Japanese broker Ueda Yagi is said to be setting up an alternative investment division and
planning to launch a global fund of hedge funds with an Asian bias.
11 Aug 2007
AIMA Japan and the CFA Institute of Japan will host a joint seminar on hedge fund
replication in Tokyo on 25th September.
10 Aug 2007
Japan’s financial regulator, FSA, said in an FT interview today that it is concerned that the
growing influence of hedge funds is encouraging insider trading. Kiyotaka Sasaki of the FSA
said that investment banks can’t survive unless they do business with hedge funds and that
“the relationship between investment banks and hedge funds is too close.” The FSA is
expected to crack down on hedge funds when a new law known as FIEL comes into effect in
September. It is also expected to take a closer look at investment advisers in Japan who act
as fund managers without the necessary authorisation.
8 Aug 2007
Two former senior portfolio managers at GCI Asset Management have turned up at new
jobs in Tokyo. Atsko Nakajima is now Director, Product Development Division at Ueda Yagi
Securities and Yuko Shirakawa has reportedly joined the Tokyo office of MCP Asset
Management to manage their fund of hedge funds.
2 Aug 2007
Nikko Asset Management has raised 9.1 billion yen (ca US$77 million) for Professional
Stage, its global fund of hedge funds. The fund is aimed at individual investors in Japan.
31 Jul 2007
For the second year in a row, Japan’s Sparx Group is ranked as Asia's biggest hedge fund
manager in Alpha Magazine’s list of Asian hedge funds. Sparx now manages US$6.7 billion.
18 Jul 2007
The June 2007 Eurekahedge Japan Hedge Fund Index estimate is +1.28%, which brings
YTD to +3.20%.
17 Jul 2007
Hong Kong-based hedge fund Thaddeus Capital has hired former Lehman Brothers Japan
analyst Nick Spratt. He will cover Japanese corporations as a senior analyst at the event-
driven hedge fund.
16 Jul 2007
Nikko Asset Management is planning to launch a fund of funds that combines traditional
and alternative investments within the next few weeks. The Professional Stage Fund will
invest in underlying funds investing in asset classes such as equities, bonds, commodities,
real estate, and infrastructure.
13 Jul 2007
Lyxor Asset Management, a subsidiary of Societe Generale, has set up a Japanese branch
focusing on derivatives and alternative investments. Lyxor currently has US$94 billion in
AUM. The new Tokyo office of Lyxor aims to provide hedge funds that match stricter Basel II
capital requirements.
6 Jul 2007
New Star Asset Management is planning to close the New Star Japan Hedge Fund due to
poor performance and its small AUM. The fund had a YTD return of +2.4% as of end of May.
4 Jul 2007
Frank Packard, Head of North Asia for the Alternative Investment Group at HSBC, has today
joined the advisory board of Tokyo Hedge Funds Club.
28 Jun 2007
Stewart Homler, formerly of Deutsche Asset Management, has joined AIG Global Investment
Group as managing director of alternative investments in Japan.
25 Jun 2007
London-based Hasan Financial plans to launch the HFC Japan Tactical Alpha Strategy
Fund in July. The Japan equity long/short fund, which will use technical analysis to make
investment decisions, will be advised by Paul Hutchings, an ex-Nikko Europe prop trader.
Roy Glantz, formerly Representative in Japan of Citadel Investment Group, has joined Bear
Stearns (Japan) Ltd.
22 Jun 2007
Tetsuo Miki has been appointed as Managing Director of the Tokyo office of fund of hedge
funds manager Investor Select Advisors.
21 Jun 2007
Makoto Takahashi has been appointed Chairman of Platinum Grove Asset Management
Japan. Platinum Grove is the $4.5 billion hedge-fund business of Nobel Prize winner and
former Long-Term Capital Management principal Myron Scholes. Takahashi-san is a former
CIO of Sumitomo Mitsui Asset Management and has also had a long career at Nomura
Securities.
20 Jun 2007
The May 2007 Eurekahedge Japan Hedge Fund Index monthly estimate is +0.90% and YTD
is +1.86%.
11 Jun 2007
Former Vice Minster of Finance Dr. Eisuke Sakakibara, speaking at today’s Hedge Fund
Investments Japan conference in Tokyo, predicted that Bank of Japan will raise the interest
rates three times between August and March next year when central bank governor Fukui
will retire. Sakakibara-san also thinks that the carry trade will continue as the yen will remain
weak for some time to come.
9 Jun 2007
Yuko Shirakawa is leaving her job as Senior Portfolio Manager of GCI Asset Management’s
Asian-focused fund of hedge funds. She is believed to be joining a rival firm in Tokyo in a
similar position.
8 Jun 2007
Hedge funds make significant contributions to the efficiencies of the global markets, said
Japan’s Vice Minister of Finance Hiroshi Watanabe in his keynote speech at the Euromoney
Japan Forex Forum in Tokyo today. Watanabe-san claims he favours enhanced risk
management rather than more regulation of the hedge fund industry.
Kenji Ishiguro is believed to have resigned from Aino Investment Corporation, a hedge fund
incubator and investor in Tokyo.
Hedge fund industry association AIMA Japan has announced it will host its annual charity
jazz concert in Tokyo on Friday July 6th in aid of The Tyler Foundation for Childhood Cancer.
6 Jun 2007
Jesper Koll, one of Japan’s most famous and outspoken economists, has left Merrill Lynch
to join hedge fund group Tantallon. Jesper will be President and CEO of Tantallon
Research Japan, a new Tokyo-based advisory arm of the Singapore headquartered fund
management group. Jesper has been in Japan since 1986 and prior to joining Merrill Lynch,
he has also worked for Tiger Fund, JP Morgan and SG Warburg,
4 Jun 2007
Michael Mills has left prime broker UBS, where he was responsible for hedge fund services
sales in Japan, to join Citi in Hong Kong.
28 May 2007
The Optimal Japan Fund won the Best Japan Hedge Fund award at the Asian Masters of
Hedge Awards in Singapore last week.
19 May 2007
Masaya Hara is leaving his position as Head of Alternative Investments at T&D Asset
Management to join Albourne Partners as Managing Director for Japan in June. He has
previously worked at firms such as Nikko Securities, CSFB and Daido Life Insurance. He
also serves on the advisory board of the Tokyo Hedge Funds Club.
18 May 2007
The April estimate for the Eurekahedge Japan Hedge Fund Index is -0.10%, which takes the
year-to-date figure to +1.21%.
15 May 2007
Hiroki Allen, formerly of Deutsche Securities, CSFB, Shinsei Bank and Pineridge Partners,
has joined State Street Japan.
14 May 2007
Former Sony Chairman and CEO Nobuyuki Idei and Japanese Finance Minister Koji Omi
are the keynote speakers at Institutional Investor’s Japan Investment Forum in Tokyo this
week. Other speakers at this high-level hedge fund conference for Japanese pension funds
include Philippa Malmgren, former Special Assistant for Economic Policy to US President
George W. Bush, and Stefan Nilsson, Founder and President of Tokyo Hedge Funds Club.
The Swiss US$23b fund of hedge funds manager RMF Investments, part of the Man
Investments group, has relocated its Asian regional headquarters from Tokyo to Singapore.
Adrian Gmuer has relocated from Tokyo to head up the new Singapore office.
11 May 2007
Japan’s vice finance minister for international affairs, Hiroshi Watanabe, said at a press
conference this week that Japan's hedge fund oversight is quite similar to the approaches
taken by the UK and USA. The preferred method of monitoring hedge funds in Japan is
keeping an eye on money lent to hedge funds by banks, as the banks
themselves are already regulated and closely monitored.
8 May 2007
According to hedge fund research company Eurekahedge, during the past 12 months there
were 51 Japan-focused hedge funds with more than $150 million in AUM.
7 May 2007
HSBC Securities (Japan) Limited today announced the establishment of a new alternative
investment department that has been set up to focus on growing hedge fund sales to
Japanese institutional investors and private banking clients. Frank Packard has been
appointed to head the Alternative Investment Group in Japan. The Alternative Investment
Group has more than US$38 billion in client assets invested in hedge funds. Mr. Packard
joins HSBC after spending more than 25 years in the financial services industry, and has
spent the last 20 years working in Japan and across Asia. In 2004, he co-founded FinTech
Global Securities, a Japanese securities broker dealer devoted to cross-border investment
banking and capital raising for alternative investment funds.
According to industry sources, US-based hedge fund Phalanx Capital Management will
soon open a Tokyo office. The firm is said to be hiring two traders to join a new portfolio
management team based in Japan. Former Daiwa bankers Chris McGuire and Neal
Brauweiler set up the Phalanx Japan Australasia Multi-Strategy Fund in April 2005.
4 May 2007
According to industry sources, Dalton’s Melchior Japan Fund has lost around 75% of its
AUM. Following great performance in 2005, the fund lost money in 2006 and was down at
the end of the first quarter of 2007.
2 May 2007
Japan's Financial Services Agency announced this week it may begin to monitor Japanese
hedge funds in order to ward off potential turmoil in financial markets. Beginning in
September, the FSA plans to ask Japanese hedge funds to report their AUM on an annual
basis.
1 May 2007
Randall Kahn, formerly with Ward Ferry, Nicholas Applegate and Daiwa Securities, has
launched his own hedge fund firm, Apiana Investments. The new Apiana Japan equity
long/short fund is planned to start trading in the summer.
30 Apr 2007
Lilik Takahashi, formerly with Pequot, DKR Oasis and Ward Ferry, is setting up his own
hedge fund firm, Piala Capital Management. Piala will trade a Japan equity long/short
strategy.
28 Apr 2007
Mitsutomo “Tomo” Watanabe has left Japanese asset management firm GCI Asset
Management to join Tanaka Value Investments, a provider of alternative investment
products for institutional investors in Japan. Tanaka Value Investments is headed by Jumbo
Tanaka, a former President of Cerberus Japan. Prior to joining GCI in 2005, Tomo worked at
Asuka Asset Management where he was in charge of investor relations/marketing and
previously he was at Moore Strategic Value Partners Japan. Since 1993, Tomo has worked
in the fixed-income area focusing on ABS, loan securitization and various structured
products at Chase Securities Tokyo, Goldman Sachs Hong Kong and New York, and
Merrill Lynch New York. He started his career at Sumitomo Trust and Banking in Tokyo. He
received his BA in Economics from Keio University, and his MBA from Sloan School of
Management, MIT. He also serves on the advisory board of the Tokyo Hedge Funds Club.
27 Apr 2007
Activist hedge fund manager Dalton Investments is to launch a new pan-Asia hedge fund in
July. The new multi-strategy Dalton Asia Fund will invest in large-cap equities in Japan,
Greater China, Thailand and also possibly in India. The Los Angeles headquartered firm
currently has 12 people in Japan and eight in China supporting its existing funds, the Dalton
Greater China Fund and Dalton Japan Absolute Return Fund. Jamie Rosenwald, a former
George Soros advisor and Dalton’s co-founder, will be the portfolio manager for the new
fund. Year-to-date Dalton’s Japan hedge fund has returned -0.2% and has US$24 million in
AUM.
23 Apr 2007
London-based Odey Asset Management’s Japan fund, with over US$950m in AUM, returned
-9.39% in March according to an investor newsletter. This takes the performance for the past
12 months to -23.08%. The majority of the decline in performance in March was attributable
to the long book, according to the portfolio manager Alex Griffiths.
Chie Furui has left Barclays Capital and joined Fortis Prime Fund Solutions as Head of
Business Development, Japan.
Andrew Mascall-Robson has left Fortis Prime Fund Solutions in Tokyo to join JP Morgan's
fund administration division in a pan-Asian business development role.
20 Apr 2007
Hitoshi Kudo, who recently left AIG, has joined RBS Securities Japan as Senior Director and
Head of Asset Management Products, focusing on alternative investments.
18 Apr 2007
The estimated return of the Eurekahedge Japan Hedge Fund Index for March was -0.87%,
which brings the 2007 year-to-date performance to +1.03%.
16 Apr 2007
Kosuke Ikeda, who recently left DKR Capital, has joined the London-based alternatives
advisory boutique First Avenue Partners.
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