* To open Oasis Investments to external investors in late
* Fund is global market neutral, multi-strategy, multi-asset
* Fund has returned annualised 100 pct in last 14 months
(Adds details, background)
By Nishant Kumar
HONG KONG, June 15 Seth Fischer, who once
managed $3.3 billion for DKR Soundshore Oasis Fund, will open
his multi-strategy hedge fund in late summer to external
investors, aiming to raise up to $1 billion, a source with
direct knowledge of the matter said.
The Oasis Investments Master Fund II will be a continuation
of the strategy that Fischer and his team of 25 staff had been
running internally and with internal capital for the last 14
months, the source said.
Veteran managers in Asia are coming out with their
funds as capital-raising opportunities improve, lifting
prospects of the nascent Asian hedge fund industry and expanding
options for an increasing number of institutional investors
aiming to raise exposure to the region for higher yield.
Former Goldman Sachs trader Morgan Sze launched his
blockbuster $1 billion-plus hedge fund in April, while Principia
Capital Advisors is set to come out with a $750 million hedge
Oasis's global market-neutral, multi-strategy, multi-asset
fund with a heavy Asian bias had capacity for up to $1 billion,
the source said.
"Many of the original DKR Soundshore investors will return
to Seth," the source added.
Oasis Investments had returned an annualised 100 percent in
the last 14 months, said the source, who declined to be named as
he was not authorised to speak to the media.
Fischer, who worked as an Asia-based portfolio manager at
JPMorgan Chase & Co's Highbridge Capital between 1995
and 2002, could not be reached for comment.
Seth was chief investment officer of DKR Soundshore Oasis
Fund. Following its inception in February 2002, the fund rose to
its peak asset of $3.3 billion in 2008.
The veteran fund manager has picked Goldman Sachs ,
Credit Suisse and Deutsche Bank (DBKGn.DE) as prime
brokers and Omnium as fund administrator, the source said.
Interest in hedge funds has staged a comeback with the
industry adding $93.9 billion in the first four months of the
year, or about $28 billion more than the corresponding period
last year, according to data from Singapore-based industry
Asian hedge funds have witnessed 12 consecutive months of
net positive asset flows after a recovery last year.
While hedge fund assets in Asia remain well below the peak
level of $192 billion seen in December 2007, according to
industry tracker AsiaHedge, select firms have attracted large
inflows with many well-known hedge fund managers in the region
looking to launch funds in the next 12 months.
Fortress Investment Group LLC's former Hong Kong
head Stanley Ku is setting up Complus Asset Management after
getting a licence from the Securities and Futures Commission
The growing list also includes Charlie Chan, former Credit
Suisse Group AG proprietary trader, and Benjamin Fuchs, who
earlier worked as a proprietary trader for the now bankrupt
Lehman Brothers in Tokyo, according to media reports.
(Editing by Chris Lewis and Vinu Pilakkott)