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Andrew Gale Benedicte Gravrand, Opalesque London:

Several reports announced in May and June that Dutch pension fund manager APG had seeded Cavenagh Capital's new Asia macro fund with $40m, which started trading last month. Andrew Gale, Cavenagh's CEO, talked to Opalesque about the current environment in Asia and his fund.

APG moves Cavenagh APG Asset Management, manager of the Dutch Civil Service Pension Fund with around $270bn in AuM (the world's second or third largest), in fact committed Eur250m to IMQubator in January-09, a Dutch fund platform launched that same month, which is "designed for and by pension funds, enabling Dutch and foreign pension funds to benefit directly from innovative asset management." Then IMQubator, managed by Amsterdam-based management company IMQ, seeded Cavenagh in May this year; this was its first allocation to a non-European hedge fund. The platform has already made five Eur25m commitments so far and may - reportedly - make another four this year.

IMQ, as a typical platform manager, creates the environment through regular interaction and full administrative support, where top investment professionals can thrive by concentrating on their core business, that is, running innovative investment strategies.

Cavenagh's managers therefore had to relocate from Singapore to Amsterd......................

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