Monday, 27 April 2015
Last updated 18 min ago
Mar 9 2010 | 3:52am ET
A former DKR Oasis Management hedge fund manager and a former Deutsche Bank proprietary trading desk chief have founded a Hong Kong-based relative value shop.
James Tu and Wang Bing are among the four co-founders of Nine Masts Capital. The new firm plans to launch its debut fund in the second quarter, a capital-structure arbitrage fund investing in Asian stocks and bonds, Bloomberg News reports. Tu serves a senior portfolio manager, and Wang as chief investment officer.
Nine Masts’ portfolio will be divided among four strategies. The fund will seek out opportunities in long/short credit within a single company, paired credit and equity investments, arbitrage and event-driven situations.
Tu managed convertible bonds, volatility and equity arbitrage investments for DKR Oasis, where he had worked since 2002. Wang set up Boaz Weinstein’s Saba Principal Strategies prop. desk in Asia, leaving the firm in December 2008 when Deutsche Bank decided to shutter Saba. Weinstein last year founded his own hedge fund, Saba Capital Management.
Tu and Wang are joined at Nine Masts by Ron Schachter, another Saba veteran, and Glyn Treasure, the new firm’s chief operating officer, who joined from JPMorgan Chase.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…