Bloomberg – Ronnie Wu, chief investment officer of the $400 million hedge fund of funds house Penjing Asset Management Ltd., will start a pool of money dedicated to providing early investments to new hedge funds next month.

It aims to make five to six investments with the flagship Penjing Asia Fund by year-end, he said in an interview yesterday. The new pool will begin with about $25 million from Wu’s family and friends and then raise capital from investors after the initial money has been deployed.

Read Complete Article

Tags: asia fund, asset management ltd, bloomberg, chief-investment-officer, family and friends, flagship, hedge fund of funds, hedge funds, initial money, investments, investors, new pool, penjing asset management, rsquo, year end

West Palm Beach (HedgeCo.net) – Global hedge fund association AIMA (The Alternative Investment Management Association), has published the world’s first global Guide to Sound Practices for Funds of Hedge Funds Managers.

The guide was developed by some of the world’s leading funds of hedge funds practitioners. It focuses on areas including risk management, due diligence, disclosure to investors, valuation, management of conflicts of interest and other operational issues. The group consisted of Unigestion, Financial Risk Management; Man Investments; Fauchier Partners; Pacific Alternative Asset Management; Ivy Asset Management; HDF Finance; Penjing Asset Management and Simmons & Simmons.

“AIMA has produced a huge body of work on sound practices and this was the ‘missing book in the library’." Andrew Baker, CEO of AIMA, and a member of the steering group, commented, "It is particularly important given recent events that there should be dedicated guidelines for funds of hedge funds managers. Funds of funds are a critical sector in the industry, are of particular interest to institutional investors, and it is right that AIMA has taken the lead in documenting sound practices. We hope that these guidelines that have been drawn up by such a distinguished and experienced group will be widely observed within the industry.”

Alex Akesson

Tags: accredited-investors, alternative-investment-management-association, andrew baker, conflicts of interest, critical sector, due diligence, financial risk management, funds of hedge funds, funds-managers, global guide, global hedge fund, hdf finance, hedge fund association, hedgeco, institutional-investors, investment management association, ivy asset management, man investments, penjing asset management, west palm beach