Korea Times- A fund of hedge funds, investing in Korean hedge funds, has been launched for the first time here.
Hana Daetoo Securities said Thursday that it has launched the “HFG Korea Fund,” which will invest in good performing and less volatile hedge funds investing in Korea. It aims at between 10 and 12 percent annual investment return, investing in around 12 to 13 underlying hedge funds to attain stable investment return regardless of market conditions.
The securities company set up HFG Investments, a hedge fund management arm based in Singapore, which will be in charge of fund management. Korea doesn’t provide a good environment for hedge fund management yet, according to Hana Daetoo Securities. There has been no fund of hedge funds investing in Korea, while there are several investing in other Asian countries. Singapore, meanwhile, has promoted the hedge fund business, with around 100 global hedge funds headquartered there managing $17 billion. The fund will start operating on Dec. 3.
