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Asia Pacific Intelligence

Asia Pacific hedge fund industry news for July and August 2013

Thursday, September 05, 2013

AUSTRALIA

Financial Standard reported that a new distribution partnership between BNP Paribas Investment Partners Australia (BNPP IP) and Permal Group allows Australian investors access to the global alternative asset manager's funds. Through BNPP IP investors can access the Permal and Jubilee range of funds, as well as the hedge fund solutions business, where investors can customise products to suit specific risk and return objectives. Permal clients will also have access to the Permal Managed Account Platform.

CHINA

According to Adamas Asset Management , the shadow banking system may pose some market risk but little systemic risk to China's financial markets. Furthermore, the firm says in its recent White Paper on China's shadow banking, the recent "cash crunch" situation in China should be viewed as a temporary market distortion. Source.

HONG KONG

From Bloomberg.com: Guo Feng, a Hong Kong-based portfolio manager at Millennium Management LLC, the $18.6 billion hedge fund run by Israel Englander, is preparing to start his own firm, said two people with knowledge of the talks. Guo, 32, will open Hong Kong-based Symmetry Investment Management with initial capital from Millennium or Englander, said the people, who asked not to be identified because the plans are both private and at an early stage. Source.

The Financial Times (subscription required) interviewed Francois Buclez, chief executive and chief investment officer of Cube Capital.

JAPAN

Bloomberg reported that three former managing directors of Goldman Sachs Group Inc.'s Japan business plan to start an Asia multi-strategy hedge fund early next year, according to two people with knowledge of the matter. Koji Gotoda and Takayuki Kasama have incorporated Golvis Investment Pte in Singapore, said the people, who asked not to be identified as the information is private. The fund will invest in all asset classes with an initial focus on Japan, they added.

The Asset reported that Citi has been appointed by Whiz Partners Inc. to support fund administration and transfer agency services for its newly-launched Whiz Rock Global Macro Investment Fund in Asia. “As the launch of the Global Macro Investment Fund marks our first foray into the hedge fund space in Asia, it is essential for us to team up with a trusted and reliable partner to achieve operational efficiency. We are confident that Citi's combination of global reach and local expertise will fully support our growth strategy within the region,” said Atsushi Matsumura, chief operating officer of Whiz.

KOREA

Opalesque reported that the savings arm of the Korea Post  issued a new RFP seeking fund of hedge fund managers. The announcement follows a similar RFP issued in July for Korea Post Insurance, which closed on August 9. The Korea Post Savings request will close on September 14, 2013. In addition to the RFP, Korea Post has also released an initial questionnaire to guide funds through their proposal process.

PAN ASIA

The Financial Times (subscription required) reported that global fund flow data continue to favour developed over emerging market equities, with Asian funds suffering outflows through to the last week of July. Despite the pressure on local assets, the Asian fund industry is awash with news suggesting the future stays bright for asset managers.

HFR said that building on strong recent performance gains, global investors increased allocations to Asian hedge funds in the second quarter with net inflows to Asian hedge funds exceeding the flows to both U.S. and European-focused hedge funds, according to the latest HFR Asian Hedge Fund Industry Report, released today by HFR, the established global leader in indexation, analysis and research for the global hedge fund industry. Source.

Singapore's GFIA's research revealed that mid-size Asian hedge funds, particularly those running assets of between $75m and $150m, outperformed both absolute and risk adjusted basis. Source.

Bloomberg reported that Wells Fargo, the world's most valuable bank, plans to expand the number of fund services clients in Asia by as much as 20% according to an interview with Christopher Kundro, co-head of the bank's global fund services division. Source.

Opalesque reported that Expedition Advisors Ltd., backed by New York-based Protege Partners LP, is returning investor capital in its Asia volatility hedge fund after losses.

Citywire reported that the large-scale sell-off in emerging market debt has presented a host of interesting opportunities in smaller Asian nations, according to Legg Mason Brandywine's Brian Hess. Hess, who co-runs the $614 million Legg Mason Brandywine Global Fixed Income Absolute Return fund, said he is lining up moves into both Thailand and the Philippines in the wake of volatility. On a currency basis, Hess said both the Philippine peso and Thai baht presented increasingly attractive investment opportunities on a fundamental basis, with strong growth potential.

Stratfor Global Intelligence published a detailed note on Southeast Asia: Currency Depreciation and the Prospect of Crisis.

Bad Actor rule does not worry Asian hedge funds Asian Investor reported that Asian hedge fund managers say they are not worried that incoming legislative amendments under Dodd-Frank rules which will require the disclosure of past offences will impact the region.

SINGAPORE

The Family Offices Group issued a free white paper on family offices in Singapore.

 
This article was published in Opalesque's Asia Pacific Intelligence our monthly research update on alternative investments in the Asia-Pacific region.
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