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SAIL Advisors, a Hong Kong-based fund of hedge funds operator, said on Monday it will take over the management of three ING (ING.AS) funds in a move that will see a senior ING executive join the Hong Kong firm.
Under a complex deal, SAIL will "sub-advise" three fund of hedge funds managed by New York-based ING Alternative Asset Management, raising the Hong Kong firm’s assets under management to $2.4 billion (1.46 billion pounds) from $1.7 billion previously.
Harold Yoon, chief investment officer and head of ING fund of hedge funds, will also join SAIL as CIO and be based in Hong Kong, while SAIL will set up an office in New York.
West Palm Beach (HedgeCo.net) - Established leader in the management of fund of hedge funds, Tremont Capital Management, has appointed Scott R. Metchick as Chief Investment Officer. Metchick brings to Tremont over 20 years of experience in the fund of hedge fund industry and a proven performance record.
"The role of the fund of hedge funds is even more important for investors in today’s market which makes Tremont’s over 20 years of experience and dedication to excellence critical factors in delivering the products and performance that our clients need and deserve," said Metchick. "I’m excited to join the firm and look forward to all that’s ahead of us."
Tremont says his demonstrated ability to manage a defined process-oriented investment philosophy while managing a global investment team complements the existing investment approach at Tremont, allowing the firm to deepen its presence in key global institutional and distribution markets.
"Investment excellence is core to our strategy of establishing a scalable, institutional standard multimanager fund of funds business," said Rupert Allan, President and Chief Executive Officer. "Scott’s appointment represents the execution of the final phase of this strategy by capping a series of senior hires which, together with our existing expertise in the investment management group, completes the leadership team at Tremont."
Metchick’s hire as CIO, replacing Cynthia Nicoll who left Tremont for personal reasons, is the most recent in a succession of senior appointments in the investment team including Andrew Kaneb, former head of Global Equities at Lighthouse Partners, and Jim Purnell, who came from the structured product group at Dresdner Bank to lead the risk management group at Tremont.
Allan has moved quickly within a challenging external environment since becoming CEO last year, adding to his role as President. "Now more than ever," said Allan, "clients want to know that they are working with an investment manager that has the experience, the infrastructure and the ability to deliver on a mandate in various market conditions with the products and solutions they need. We now have the team in place to do just that."
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Wealth Bulletin- Odey Asset Management has created a fund of hedge funds subsidiary to broaden its offering to wealthy investors.
It has hired two people from Credit Suisse to run the business from Guernsey. The business marks a new direction for the hedge fund manager. Last week, Financial News reported the firm will close its $39m (€25m) Japan hedge fund after it fell from more than $1bn in 18 months.
Los Angeles Times - The hedge fund industry can only exist because investors believe their fund managers will deliver above-average returns over time, despite the portfolios’ hefty fees.
Master investor Warren Buffett, who has long derided those fees, now has made an interesting bet with a firm that runs so-called funds-of-hedge-funds: He’ll beat their net returns over the next decade simply by owning a mutual fund that tracks the Standard & Poor’s 500 index.
The bet is the subject of this article in Fortune magazine by Buffett’s long-time friend, writer Carol Loomis.
Buffett is going up against Protégé Partners LLC, a New York-based money manager that picks hedge funds for its clients.
Loomis writes: "Each side put up roughly $320,000. The total funds of about $640,000 were used to buy a zero-coupon Treasury bond that will be worth $1 million at the bet’s conclusion." Whichever side wins, the proceeds will go to charity.
Asian Investor - Hedge fund manager CQS has hired Michael Schulz and Laura Hui from the prime broking department of Lehman in Hong Kong.
Schulz is taking the post of risk manager for Asia at CQS. In Lehman’s prime broking unit, he was senior vice-president for portfolio financing and risk management. Between 2000 and 2005, he was senior vice-president for risk management at Lehman in New York, where he was head of market risk for global equities, and in Tokyo, where he was responsible for market risk regionally. Sandwiched between his two spells at Lehman, he helped set up Hong Kong fund of hedge funds firm Alphatraxx.
Joining him is Hui, who will be working as a relationship manager within CQS’s marketing and investor relations team. Hui was previously a vice-president in prime brokerage sales at Lehman Brothers Asia, having joined Lehman Brothers Tokyo in 2005.
With its remarkable output of hedge fund and fund of funds success stories in the last five years, Lehman Asia is very much becoming a ‘billionaires factory’ for breeding alternatives talent. Schulz and Hui follow in a long and distinguished list of Lehman executives joining the fund management industry in Asia, which includes Steve Diggle, Charle Peza, Huy Hoang, Paul Cuthbert-Brown, Paul Sheehan and ‘Billionaire Tom’ Picard.
