Reuters- Emerging markets fund firm Fabien Pictet & Partners said on Thursday it had taken over management of an Asia ex-Japan focused hedge fund from Jade Absolute Fund Managers after its fundmanager retired.
The portfolio, currently less than $10 million in size, will invest in stocks and fixed income and be renamed the FPP Golden Asia fund. It will be managed by Joon Ho Byun, who co-manages the $130 million FPP Three Kingdoms Korea fund.
“We’re looking to add substantially to that (the fund’s size) over time,” an FPP spokesman said.
The hedge fund industry is looking to new markets such as Asia as more traditional strategies in markets such as the U.S. and the UK become increasingly crowded.
Last year Asian hedge fund assets ballooned 30 percent and now stand at around $146 billion.
“We believe that Asia will continue to be a source of growth as well as returns for the foreseeable future,” Byun said in a note.
Fabien Pictet, which was founded in 1998, runs around $750 million in assets.
LONDON (Reuters) – Emerging markets fund firm Fabien Pictet & Partners said on Thursday it had taken over management of an Asia ex-Japan focused hedge fund from Jade Absolute Fund Managersafter its fund manager retired.
