BusinessWeek – Anthony Tse, a former Gandhara Capital Ltd. analyst, and Simon Hwang, ex-fund manager of Ludgate Hill Investment Management Ltd., will start a fund to trade stocks, convertible bonds and bonds in Greater China.

Hong Kong-based Pangu Capital Ltd. will start its maiden fund in the first quarter with at least $12 million, said Tse, co-manager of the fund with Hwang, in an interview yesterday.

Stimulus packages by governments around the globe helped stock and bond markets rebound and hedge funds make a comeback from their worst year on record in 2008. Asian hedge fund managers, excluding those in Japan, had the best performance with a 2.1 percent return in December, among seven regional indexes tracked by Singapore data provider Eurekahedge Pte.

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