Asia Fund Weekly News, January 27, 2014
HONG KONG Jan 27 (Reuters) - News and developments in Asian funds industry in the last one week.
Hong Kong-based hedge fund PCA Investments is shutting down, sources familiar with the matter said. The fund, started by Hang Hu and former Merrill Lynch executive Wing Lau, had launched in 2011 and ran three strategies. Lau had left the firm last year. A PCA executive declined comment. The Wall Street Journal earlier reported the news.
Kirtes Bharti, head of financing at $749 million hedge fund Segantii Capital, will be leaving the firm next month, two sources said. Former Credit Suisse executive Bharti had joined Segantii in April 2012. The hedge fund lost 1.68 percent in 2013, its first annual drop since launch in 2007, according to a newsletter. Segantii declined comment.
David Forsyth, an executive director for prime services sales at UBS AG in Singapore, is in the process of moving to New York to focus on U.S.-based hedge funds, a spokesman for the Swiss bank confirmed to Reuters.
Hedge fund industry veteran Allan Bedwick has quit as head of macro trading in Asia for Noble Group Ltd to start a new macro fund, sources said, a move that comes as prospects brighten for strong capital flows into the region.
KKR & Co and BlackRock Inc are among the investors in talks to buy a stake in China Huarong Asset Management Co Ltd as the bad debt manager seeks to raise more than $2 billion, sources told Reuters.
China's top lender will help bail out investors in a troubled high-yield investment scheme, local media said on Friday, in a move that risks reinforcing the view among Chinese savers they are effectively insured against poor investment decisions.
China Credit Trust Co Ltd, whose product could set a landmark precedent for default in China's fast-growing shadow bank sector, said it is in discussions with new investors in an effort to raise the funds necessary to pay off current investors when the high-yielding product matures on Jan. 31.
Fullerton Fund Management, a unit of Singapore state investor Temasek Holdings, is opening an office in Tokyo to take advantage of Japanese investors putting their money in Asian stocks and bonds.
Fosun International Ltd and Prudential Financial Inc said on Wednesday they will launch a real estate joint venture aimed at investing in urban projects in China.
Investors kicked off 2014 with a more bearish outlook on emerging market stocks, with concerns about a sharp slowdown in China's economy topping their list of prospective risks, a survey showed on Tuesday.
IndoSpace, a property fund jointly owned by India's Everstone Capital and North American investor Realterm Global, has raised $330 million for a fund that will invest in industrial real estate in the country, the company said on Tuesday.
China's $575 billion sovereign wealth fund, China Investment Corp (CIC), has appointed a new vice chairman and president as the incumbent is due for retirement, two sources with knowledge of the matter said.
Japanese retail investors ramped up their buying of foreign securities via toshins, or investment trusts, this month after they sold a large amount in December ahead of a capital gains tax hike, according to Nomura.
Which investment takes your fancy: BRIC, MINT or CIVETS? For many fund managers seeking the next big thing in emerging markets, the answer is none.
Mutual fund manager Franklin Templeton has hired a former hedge fund manager to expand its Asian line-up of products investing in lucrative alternative assets, joining its peers in tapping a rapidly growing market.