* Kevin Kwong starting family office Aria Group - source
* Senrigan has made big investment losses in last 2 years
By Nishant Kumar
HONG KONG, Nov 26 Kevin Kwong, a partner at
Senrigan Capital, has left the Hong Kong-based hedge fund this
month to start his own investment firm, sources with knowledge
of the matter said, joining a growing number of spinouts from
established companies this year.
Kwong was part of the core investment team at Senrigan, an
Asia-focused event-driven hedge fund that started in 2009 with
seed capital from U.S. alternative asset manager Blackstone
Group. Senrigan, however, has racked up big investment
losses over the past two years.
The executive's departure comes at a tough time for the
Asian hedge fund industry which has seen investors pull out a
net $1.35 billion through October this year, according to data
from industry tracker Eurekahedge.
However, some Asian spinouts from global hedge funds such
has Lone Pine and Perry Capital have collected hundreds of
millions of dollars as investors still continue to back fund
managers with a proven track record.
Kwong, who worked with Senrigan boss and one of Asia's
best-known hedge fund managers Nick Taylor for the last eight
years, is setting up The Aria Group, a family office that will
run multiple investment strategies, one of the sources said.
Kwong declined to comment. Senrigan spokeswoman Katarina
Bendle declined to comment.
Aria will invest globally and trade fixed income and stocks
and also invest in real estate, private equity and other
The Hong Kong native will start by managing his own money
and funds from friends and family next year and open one of the
strategies to external investors later, one of the sources said.
The start-up capital for Aria could not be determined
The move by the Yale University alumnus, who earlier also
worked with British-born Taylor at hedge funds Citadel and Modal
Capital Partners, is a departure from his industry peers who
have started hedge funds rather than a family office.
Senrigan started with $150 million in 2009 and quickly grew
to manage just over $1 billion last year, becoming one of the
few hedge funds of that size in Asia.
Assets have more than halved since then following an 8.6
percent loss last year and a 15 percent fall through September