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Alternative Market Briefing

Many Chinese onshore hedge funds look to set up offshore presence in Hong Kong

Monday, January 14, 2013

From Precy Dumlao, Opalesque Asia – Hedge fund managers from the Chinese mainland are looking to diversify their operations into Hong Kong, AsianInvestor.net reports, citing sources from South African firm Skybound Capital.

The firm’s China Red fund of hedge funds (FoHF) invests in mainland-focused hedge funds strictly through offshore managers, who typically have an office in Hong Kong. The FoHF runs $20m in AuM and returned 6% in 2012, says AsianInvestor. About a year ago, China Red was merged with another of Skybound’s FoHF, the Dragonfly Asia Pacific Fund, which has a regional focus.

"Frankly our investors are more interested in the China story," Theodore Shou, Skybound’s Hong Kong-based CIO, was quoted as saying. "Most of the investors that were invested in the Dragonfly fund also had a position in the China Red Fund." The $300m firm’s Hong Kong office was set up in late 2011. Skybound also has offices in Cape Town and London.

The Eurekahedge Asia Hedge Fund index returned 9.69% (est.) in 2012, whereas the Greater China index gained 13.17% (est.); the fixed income part of the index was up 20.83%, the long/short equity index up 12.99% and the multi-strategy index up 7.61%. That’s compared to the Eurekahedge Hed......................

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