Industry Updates

Woori Absolute Partners and NewAlpha to launch hedge fund seeding fund

Thursday, June 09, 2011

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Edward S. Moon Opalesque Industry Update - Singapore-based alternative investment manager Woori Absolute Partners today announced its strategic partnership with NewAlpha Asset Management, the European based global hedge fund incubation specialist. WAP and NewAlpha will launch an Asia based investment vehicle which will seed emerging hedge fund managers and will be marketed to qualified investors in Asia and Europe.

The two firms plan to target a first closing date by year end 2011 followed by a final closing in 2012 with an AUM size of approximately $100m and a targeted final closing of approximately $200m, including initial capital contribution.

WAP and NewAlpha are both co-seed investors in the Singapore based Asian credit hedge fund, Blue Rice Investment Management (BRIM), and this common investment was a positive first step towards establishing this new collaborative investment venture. Both firms believe the synergies produced by the joint partnership will represent a unique offering to emerging managers as well as to investors. NewAlpha has a distinguished track record of investing in emerging hedge fund managers and, as a subsidiary of OFI Asset Management, has access to a broad network of qualified investors throughout Europe. WAP has established its hedge fund investment track record through its investment into BRIM and its investment and active management of its own fund of hedge funds vehicle. WAP has also developed a strong hedge fund network throughout the Asia Pacific region and is also able to leverage Woori’s leading distribution capabilities to qualified investors throughout the region.

WAP was established in 2008 and operates with an exempt fund manager status under regulation by the Monetary Authority of Singapore. WAP serves as an alternative investment platform for Woori Investment & Securities, which is listed on the Korean Exchange (KRX) and is an affiliate of the Woori Financial Group, which is listed on the KRX and the NYSE. The Woori Financial Group is Korea’s largest financial concern by total combined assets. WAP currently manages an open ended fund of hedge funds vehicle, Woori Absolute Return Investment Strategies Fund. Mr. Edward S. Moon co-founded WAP and serves as its Chief Investment Officer.

NewAlpha was established in 2003 to provide access to emerging alternative investment managers to institutional investors through private equity style funds of funds. Since inception, and among more than 1,300 projects analyzed, NewAlpha has entered into 16 strategic partnerships and invested a cumulative US$650m with early stage managers. NewAlpha’s partnering managers have more than US$1,500m under management, after receiving US$150m in strategic capital from late 2008 to mid 2010. NewAlpha has recently achieved the initial closing of its 4th vintage seeding vehicle with $160m, which will be deployed into emerging managers in 2011/2012. In November, NewAlpha received the Best Seeding Platform Award at the Hedge Fund Review 2010 European Funds of Hedge Funds Awards in London and has been selected for the Investhedge 2010 Awards. NewAlpha Asset Management is a subsidiary of OFI Asset Management, a leading asset manager that enjoys a solid reputation as a firm noticed for its creativity and its resolute focus on absolute performance. OFI AM has more than $70 billion under management. Mr. Antoine Rolland serves as NewAlpha’s Chief Executive Officer. Corporate website: Source

- FG

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