Foreign Companies are Boosting Asian Big Hedge Funds
With about $800 million in assets, Azentus Capital Management Ltd., a multi-strategy hedge fund manager that was founded in 2010, generated over a third of its 17 percent return in 2013 outside Asia.
Tybourne
Capital Management (HK) Ltd. reported $848.8 million worth of
U.S.-listed securities at the end of March and Myriad Asset Management
Ltd. disclosed $476.9 million, according to their 13F filings with the
U.S. Securities and Exchange Commission.
“Previously,
you generally saw Asian funds having only an Asian mandate,” said Matt
Pecot, Asia-Pacific head of prime services at Credit Suisse Group AG
(CSGN) in Hong Kong. “Nowadays, more funds launched within the region
have expanded that to take advantage of the insights that they have
gathered in Asia and put a portion of that money to work in the U.S. or
Europe.”
Funds
that have raised at least $1 billion after 2009 are turning to global
companies that benefit from Asia’s growing consumer and production
power, and which are more frequently traded, according Credit Suisse and
Bank of America Corp.’s Merrill Lynch unit. They also are stepping
outside their home base after the MSCI Asia-Pacific Index generated an
annualized return in the three years to April only about a fourth of the
MSCI World Index’s.
Source: Bloomberg