By Umesh Desai and Saeed Azhar
HONG KONG/SINGAPORE (Reuters) - Pacific Asset Management aims to more than treble its funds under management by the year-end because of robust demand from institutional clients, its chief investment officer (CIO) said on Thursday.
"Demand is quite good and we are getting a lot of enquiries ... by the end of this year we are hoping to grow to $500 million," Ho Tian Yee, CIO and founder of the fund, told the Reuters Hedge Funds and Private Equity Summit in Singapore.
Pacific Asset Management is a fixed-income fund manager with over $150 million under management, targeting opportunities in the Asia Pacific region.
It invests in local currencies and dollar-denominated instruments in both high-yield and high-grade debt issued by regional governments, banks and corporates.
Ho said the ideal size for a fixed income fund is $1-$1.5 billion -- a size he hopes his fund ultimately attains.
Ho said he expects Asian economies to continue growing, and that he preferred investing in local bonds over dollar-denominated bonds in the region.
"The value is right now in domestic bonds because many of these countries are under pressure to ease rates," he said, noting his preference for Philippine and Indonesian bonds.
"No news is good news for these countries," he added. Continued...
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