* Fund returned 0.3 percent in forst month - sources
* Hedge fund assets at $1.3 bln-plus, among biggest in Asia
(Adds details, background, quotes)
By Nishant Kumar
HONG KONG, May 17 Former Goldman Sachs Group Inc
star trader Morgan Sze's multi-strategy hedge fund
returned 0.3 percent in April, three sources familiar with the
matter said, a modest start in the first month of its launch.
By comparison, the Eurekahedge Asia Multi-Strategy index was
up 0.91 percent last month. The Eurekahedge Global
Multi-Strategy index was up 0.95 percent.
Hong Kong-based Azentus Capital's fund, which started with
about $1 billion in assets on April 1, now manages in excess of
$1.3 billion and has commitments for an additional $1 billion,
two of the sources said.
Started by former head of Goldman's Principal Strategies
group Sze, the hedge fund is one of the biggest to launch since
the onset of the credit crisis and one of the most high-profile
The first month's return is a keenly watched number in the
$152 billion Asian hedge fund industry.
"I think it's a good result. It's not easy to put a billion
dollars without impacting the market," said Dan McNicholas, head
of Asia financing sales at Merrill Lynch. "All he needs to do is
put up safe numbers while he gets the operations established and
The fund has adopted a number of investment strategies
including equity long-short, risk arbitrage and special
Although the hedge fund could invest globally, the main
focus was on companies related to Asia, a source familiar with
the matter said.
Azentus Capital Chief Operating Officer Roger Denby-Jones
was not available for comment. The sources were not authorised
to speak to media.
(Editing by Chris Lewis)