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Alternative Market Briefing

Hong Kong Jockey Club invests in Och-Ziff, Millennium hedge funds

Friday, April 04, 2014

Benedicte Gravrand, Opalesque Geneva:

The Hong Kong Jockey Club has invested $1.2bn in alternatives, including hedge funds, private equity and private real estate funds, according to media reports.

"It is the first time the club goes direct and there is room to add more direct managers in the future," Jacob Tsang, director of group treasury told Bloomberg News. "This move signifies a shift in paradigm as the club moved forward to a more efficient way to deploy capital."

The Club invested in two of the largest hedge funds, namely Och-Ziff Capital and Millennium Management.

Och-Ziff, founded in 1994 by Daniel S. Och, was one of the top hedge funds in Absolute Return’s recent Billion Dollar Club, and has $42.7bn in assets under management (as of April 1, 2014). The firm manages multi-strategy funds, credit funds, collateralized loan obligations (CLOs), real estate funds and other alternative investment vehicles.

Millennium Management, founded in 1989 by Israel Englander, employs a global multi-strategy investment approach and has around $21.8bn in AuM.

"Multi-strategy funds have the advantage of bein......................

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