| HONG KONG
HONG KONG Feb 24 Singapore-based asset manager
Dymon Asia Capital has partnered former SAC Capital portfolio
manager Carl Vine to raise a $500 million global hedge fund to
invest in stocks, as investor interest in equity-focused funds
makes a strong comeback.
Stock rallies in countries such as the United States and
Japan last year attracted as much as $82 billion into long/short
equities hedge funds compared with an outflow of $5 billion in
2012, according to industry tracker Eurekahedge.
Returns amounted to almost 15 percent compared with 8
percent in 2012, showed Eurekahedge data.
Dymon, better known for its macro hedge fund, will launch
the Port Meadow fund in the second quarter with a strong Asian
stocks bias, and with Vine as its chief investment officer.
The fund be no more than $500 million in the first year,
Dymon President Jay Luo and Vine said in an email on Monday.
The first $150 million will come from Dymon, a strategic
partner and partners of Port Meadow - an Oxford, England-based
company which Dymon created to launch the fund.
"This is my second time working with Carl," said Luo, who
joined Dymon in 2012 from SAC Capital where he was a managing
director and head of Asia Pacific.
The Port Meadow team "boasts significant shared working
history," he said.
Vine joined SAC in 2008 from UBS AG in Hong Kong.
He moved to London in October and left SAC a month later, show
filings with the U.K.'s Financial Conduct Authority and Hong
Kong's Securities and Futures Commission.
Vine will be joined by former SAC colleague Shen Li and
David Perrett, who worked with him at UBS.
Dymon, set up by Danny Yong - a former founding partner and
chief investment officer of Abax Global Capital - is one of east
Asia's biggest home-grown hedge fund companies with about $3.6
billion worth of assets under management.
The company, which also has a currency fund, branched out to
private equity in 2012 with a fund backed by a unit of Singapore
state investor Temasek Holdings.
Bloomberg reported the news earlier.
(Reporting by Nishant Kumar; Editing by Christopher Cushing)