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Alternative Market Briefing

Paul Saferstein to launch hedge fund in Q4

Monday, June 16, 2014

Komfie Manalo, Opalesque Asia for New Managers:

Paul Saferstein is planning to launch a hedge fund in the fourth quarter of this year to be called Saferidge Capital Partners after Asian Century Quest Capital LLC winds down, reported The Journal. The new fund will be headquartered in New York and will bet on and against Asian shares.

The 44-year-old Saferstein decided to put up a new hedge fund after Brian Kelly, founder of the once $2bn ACQ, announced plans to wind down the fund after suffering losses from miscalculating Japan’s Abenomics. The historic rally of the Japanese stock market in 2013 proved hurtful for ACQ which shorted some Japanese stocks. Last year, Tokyo’s shares closed at a historic six-year high following a 57% surge in the benchmark Nikkei 225 stock average.

ACQ's flagship fund posted a 5.5% return in 2013, compared with a 14% gross return for the MSCI All Country Asia Index. ACQ’s bets against Japanese stocks ate away most of its profits last year.

ACQ managed some $2bn in assets in mid-2012 but the fund shrank to an estimated $100m in early this year as investors redeemed most of their money. Kelly returned over $500m to investors at the end of 2013.

Saferstein said several investment executives from ACQ would be joining Saferidge Capital as we......................

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