Foreign Companies are Boosting Asian Big Hedge FundsWith 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