HONG KONG, June 1 Hedge fund Zeal Asset Management has increased its assets fivefold to about $200 million since its January 2010 launch and has signed a pact with Blackstone Group LP unit Park Hill in a push to raise assets globally, Chief Executive Franco Ngan said.
Zeal started with a Greater China focused long/short equity strategy, Zeal China Fund, with $40 million in January 2010 and added long biased Voyage Zelec Fund in September last year.
Its flagship fund returned 24.6 percent from its launch to the end of April 2011. By comparison, the Eurekahedge Greater China long/short equities index gained 11.3 percent.
The firm was founded by Jacky Choi, Zeal's chief investment officer and former senior fund manager of $9 billion money manager Value Partners, and Daniel Poon, who earlier worked at Deutsche Bank AG (DBKGn.DE) and UBS AG .
Ngan, former chief executive of Value Partners and Chau Yee Man, who also worked at the firm as a senior fund manager, are also partners of Zeal Asset, which has expanded its headcount to 17. (Reporting by Nishant Kumar; Editing by Chris Lewis)