LONDON (Reuters) - UK independent fund manager City Financial said on Thursday it had launched a new Asian hedge fund, the Counterpoint Asian Macro Fund, with more than $120 million in assets.
City said in a statement that the fund launch was the largest of its its kind in the region over the last 12 months.
The fund is managed by Geoffrey Barker and aims to "achieve annual double-digit returns over the course of a cycle of 5-7 years, with low leverage and ready liquidity", it added.
"Volatility in Asian markets has presented lots of opportunities for a fund like ours. Investors can still capitalize on the region's growth and seek double-digit returns through the fund," said Barker in the statement.
"Most other Asian macro funds with a long-standing track record and team are closed to new capital, so capital raising success in part represents investor demand for an uncorrelated strategy with relatively few available managers."
Reporting by Simon Jessop; Editing By Jemima Kelly