HONG KONG Jan 27 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
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
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.