WEST PALM BEACH, FL (www.hedgeco.net) – Former CSFB Chairman for Asia Pacific, Stephen Stonefield is gearing up to launch his own hedge fund. Stonefield was also a former member of the CSFB executiveboard according to news reports. His new firm called Precise Asset Management is set to launch three Asia focused hedge funds March 1. Lately, increasing hedge fund activities focusing on Asia haveintensified as many market observers believe that Asia will see further developments in its hedge fund industry. These views are based on changing economic dynamics as well as new regulatory lawsbeing implemented by the Asian countries.
According to the release, each of the three new funds will launch with between $250-500 million with a combined capacity of $4billion. Precise Asset Management will be based in Singapore, the new funds being introduced include a Japan fund; Asia-Pacific fund including Japan, and Asia-Pacific excluding Japan.
Before joining CSFB, Stonefield was the managing director of Morgan Stanley operations in New York and Tokyo. Other members of his new fund include, Rene Raiss, a former member of the Merrill Lynch Scientific Group, and David Gong, a partner at Ardsley Partners.
The new funds will be domiciled in Cayman Islands; the funds require a six-month lock up period after which monthly redemptions may be made. Stonefield said, “We want people to come in and expand [their allocations], but we’re very comfortable with the liquidity.� The funds carry a 1.5 percent annual management fee, and 20 percent performance fee, while the minimum investment for the fund is established at $5 million according to the information provided by the fund.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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