Ex-Dresdner traders readies $40 mln Asia hedge fund
HONG KONG, March 23
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.