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.<\/p>\n
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.<\/p>\n
“We’re looking to add substantially to that (the fund’s size) over time,” an FPP spokesman said.<\/p>\n
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.<\/p>\n
Last year Asian hedge fund assets ballooned 30 percent and now stand at around $146 billion.<\/p>\n
“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.<\/p>\n
Fabien Pictet, which was founded in 1998, runs around $750 million in assets.<\/p>\n
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.<\/p>\n