SEOUL, KOREA (HEDGECO.NET) – A Multi-strategy CTA fund named Sequoia has announced it will launch a new global CTA fund, according to a press release. The CEO of the fund, Park Chang-Ki has developedthe �computerized futures trading model, which targets a 15% to 25% return per annum with 5% volatility,� regardless of market direction.
Park said, “Our model has shown good performance in the Korean markets over the last seven months since we began trading, we’re up around 15% so far, and volatility has been about 5%. We’ve also back-tested the model over the last seven years and performance has been in line.� The new strategy will hold a global capacity of $2 billion according to Park.
Park further said, “Our trend-following system seeks to recognize patterns and generate investment signals similar to the [Man Group’s managed futures investment manager] AHL model.�
The new fund will be formerly launched next year according to Park, �and is targeting an initial launch size of $10 million to $15 million.� Sequoia is currently based in Seoul, Korea but Park said he may move to Hong Kong to launch the new product in 2005. Hong Kong offers easier access for investors, as well as for regulatory purposes.
Park began his career as a sugar trader with Samsung. He worked there for 14 years in Korea, New York and London, he said, “Man was one of our biggest trading partners, and it was during this time that I developed my understanding of the futures trading business and began working on my own trading system. He then developed an internet portal site; this venture received a $5 million private equity investment from Goldman Sachs and was later sold to SK Telecom in 2002.
Park�s new firm Sequoia is not affiliated with Sequoia Capital Management, a hedge fund based in Australia.
Paul Oranika
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