Thu, 03/07/2014 - 18:58
Global private equity firm TPG Capital is buying a stake in Hong Kong-based hedge fund sponsor HS Group Ltd (HSG) and establishing a strategic relationship with the company, HSG said in a statement on Thursday according to Reuters.
The deal is TPG's first dedicated Asia hedge fund investment and signals a move to diversify its range of alternative assets in the region, pushing into a sector where rivals like Blackstone Group LP and Goldman Sachs already have a strong presence.
TPG's managing partner and co-head of Asia Tim Dattels will join the advisory board at HSG, which provides strategic capital and institutional guidance to emerging Asian hedge funds.
HSG recently announced a partnership with Pleiad Investment Advisors, a hedge fund founded by former China and Japan specialists at Soros Fund Management, Kenneth Lee and Michael Yoshino, who are both former TPG executives.
"Pleiad's founders illustrate the caliber of HS Group's investment pipeline, having succeeded at TPG in Asia, as well as Tiger and Soros," said Dattels, the former head of investment banking for Asia ex Japan at Goldman Sachs. Pleiad intends to launch in the third quarter with investments of over USD150 million from its founding partners, HSG and affiliates.
Global financial markets closed the first half of 2014 with gains across most regions in June, as implied volatilities fell sharply on improving economic growth concentrated in developed markets. Equity markets gained across most sectors and regions, with US sector gains led by Commodity sensitive, Oil Services, Technology and Biotechnology, with strong performance concentrated in small cap and growth names, though large-, mid-cap and value also gained for the month.
European and Asian equities posted mixed performance, with European gains across Spain, Russia and the Netherlands offset by declines across France, Italy, Germany and the UK. Similarly, Asian gains were led by Japan & Thailand, with China posting a modest gain while Australia and Singapore declined.
The US dollar declined across the board for the month of June, posting sharp declines against the British Pound Sterling, New Zealand Dollar and Russian Ruble, while posting more modest declines against the Euro, Yen, Brazilian Real and Canadian Dollar. Hedge funds posted gains for the month of June, with the HFRX Global Hedge Fund Index gaining +0.93 per cent, the HFRX Market Directional Index posted a gain of +2.02 per cent.
HFRX Event Driven Index gained 1.57 per cent for the month of June, with positive contributions from Distressed/Restructuring and Equity Special Situations strategies; the Index leads all hedge fund strategies with a YTD gain of 4.42 per cent. HFRX Distressed Index gained 2.28 per cent in June, the largest gain since January 2012, leading all ED substrategies for the year with a gain of 6.68
HFRX Equity Hedge Index posted a gain of 1.52 per cent for the month of June, with positive contributions from Fundamental Growth, Value and Market Neutral strategies.
HFRX Fundamental Growth Index posted a gain of 3.69 per cent, its second largest monthly gain since February 2012, with contributions from exposure to Global Healthcare, Emerging Asia and small-cap US equities. HFRX Fundamental Growth leads EH substrategies for 2014 with a gain of 5.33 per cent. HFRX Fundamental Value Index gained 0.70 per cent with contributions from Communications, Financials and Industrials, while HFRX Market Neutral Index gained 0.42 per cent, with gains across factor-based models and fundamental and trading oriented strategies.
HFRX Relative Value Arbitrage Index posted a gain of 0.29 per cent for the month of June, with contributions from Fixed Income and Credit Multi-Strategy exposures. The HFRX Fixed Income Credit Index gained +0.56 per cent with contributions from Distressed, Corporate Credit and Emerging Markets strategies, while the HFRX Multi-Strategy Index posted a gain of 0.39 per cent with positive contributions from Global Fixed Income, Corporate Credit and Equity strategies. HFRX MLP Index gained 6.28 per cent for the month, its largest gain since January 2013, bringing the 1H14 gain to 16.7 per cent, driven by continued demand for yield generating energy infrastructure partnerships.
HFRX Macro Index posted a gain of 0.08 per cent for the month of June, with positive contributions from Emerging Markets and Discretionary Global strategies. The HFRX Emerging Markets Composite Index posted a gain of 1.89 per cent, with gains concentrated in Asian equity exposure. HFRX Macro: Systematic Diversified Index posted a gain of 0.06 per cent, with mixed contributions from fixed income, equity and currency exposures. Macro Discretionary strategies posted gains with contributions from emerging markets and European exposures, which were only partially offset by global fixed income strategies.
The Alternative Investment Management Association (AIMA), the association for the global hedge fund industry, has signed a memorandum of understanding (MoU) with the Asset Management Association of China (AMAC).
The agreement, signed during a recent event Beijing, outlines areas of future co-operation between the two organisations, and underscores the commitment of AIMA and AMAC to strengthening exchange between the international and Chinese fund management industries.
“The signing of the MoU with AMAC, as well as the holding of our first major event in Beijing, underlines AIMA’s commitment to engaging with industry professionals, regulators and policymakers in China and the region. We have of course taken a very strong and active interest in China for some time,” commented Jack Inglis, chief executive officer, AIMA. “A number of our existing members have established offices within the People’s Republic of China, and there is considerable interest from firms within the domestic industry to join AIMA.”
Dr. Sun Jie, chairman, AMAC added: “As the main trade association of China’s asset management industry, AMAC has been developing close co-operative relationships with international counterparts and we are pleased to celebrate our strong relationship with AIMA through the signing of our first international MoU with them.”
AIMA currently has more than 1,400 corporate members worldwide across 50 countries, including hedge fund managers, fund of hedge fund managers, and other investors. Its manager members are responsible for managing a combined USD1.5 trillion in assets as of March this year.
Founded in 2012, AMAC is Mainland China’s self-regulatory organisation for the asset management industry.
According to figures published by Shanghai-based Z-Ben Advisors last year, there are currently some 700 hedge funds – or private fund management firms, as they are more commonly known – in China, collectively managing 300 billion RMB (USD49 billion).
US investment bank StormHarbour Securities has agreed to acquire a 49 per cent stake in Japanese hedge fund manager Asuka Asset Management Co.
The deal will allow StormHarbour, which was founded in 2009 by two former Citigroup executives, to diversify from its corporate advisory and trading businesses into fund management in Asia.
Under the agreement, for which financial terms were not disclosed, Asuka Chief Executive Officer Mamoru Taniya will become managing principal of StormHarbour, as well as run its asset management unit.
Asuka said in a statement that the deal would allow it to take advantage of StormHarbour’s global network and gain access to a wide range of foreign investors.
StormHarbour, which is based in New York, currently employs 170 staff and has offices in seven cities across the globe.
Asuka was founded in 1999 as the Japanese subsidiary of US hedge fund Tudor Investment Corporation, but was the subject of a management buyout in 2002.
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