EDINBURGH, Scotland (HedgeWorld.com)–Martin Currie Investment Management, actively developing its long/short equity reach in Asia, has over the last few weeks launched a new Asia fund, closed its Japan fund to new investors and drawn up plans for a long/short Chinese hedge fund.
"We've been very active in Asia, but that's just part of our overall expansion in hedge funds, globally. We have three long/short strategies or sub funds that fall under the umbrella of the Martin Currie Absolute Return Fund. We're looking to grow that to five or six," said Allen MacCleod, a director with the firm's hedge fund group.
The latest addition to that line up is Asian Absolute Return sub fund, which launched this months with US$15 million under management. Like other sub funds in the series, the Asia fund is domiciled in Bermuda and has a Dublin listing.
The fund has a minimum investment of $US100,000, or its currency equivalent for euro and sterling-denominated series, which feature a currency hedge. The fee structure is 1.5% and 20%.
The latest fund invests in Asia ex-Japan, casting a wide net that includes long/short opportunities in places like New Zealand as well as in more established Asian markets like Korea, according to the firm.
The opening of the Asia fund comes as Martin Currie Investment Management closed its Japan fund to new investors. The two-year-old Japan fund has US$200 million under management. Existing investors will have a short window to make new allocations, until the hard close at the US$300 million level. "We expect that to hard close by the end of this year," Mr. MacCleod said.
