Ex-Dresdner traders readies $40 mln Asia hedge fund

HONG KONG, March 23 Thu Mar 24, 2011 2:31am EDT

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HONG KONG, March 23 (Reuters) - Noho Capital, founded by former equity derivative traders of German bank Dresdner, is preparing to launch a managed futures Asia focused hedge fund that aims to gather $40 million by the end of 2011.

Mathias Piardon and Frederic Levy, the co-founders of Hong Kong-based firm, said they received an asset management licence from the Securities and Futures Commission last week and have signed a deal to receive their first seed capital investment in the next few days.

Managed futures funds, sometimes referred to as commodity trading advisers or CTAs, bet on long-running trends in markets. They manage some $200 billion globally, according to data from industry tracker Eurekahedge.

"What we are doing is a purely systematic trading," Piardon told Reuters in an interview.

"We have proprietary algorithms that we developed in the last two years," he added. (Reporting by Nishant Kumar; Editing by Ken Wills)