Wednesday, 1 April 2015
Last updated 1 hour ago
Apr 13 2010 | 9:50am ET
Veterans of GLG Partners and Lionhart Advisors Group have joined forces to launch an Asian commodity-linked stock hedge fund.
Jason Wang, formerly a member of GLG’s European long/short group, and Simon Quirke, a former long/short manager at Lionhart, have founded Iridium Asset Management in Singapore. The new firm plans to launch its debut fund on May 3, Bloomberg News reports.
The Iridium Alpha Fund will invest in Asian commodity companies, targeting returns of at least 15% per year. But the firm aims to seriously rein in risk, keeping drawdowns below 10% in bad years, with a high level of liquidity and little leverage.
In addition to stocks, Iridium’s portfolio will include commodity derivatives, although equities will be the bulk of its investments. Initially, the fund will include between 30 and 50 securities.
“There are a greater number of inefficiencies with Asian commodity-linked equities than the European or U.S. counterparts,” Wang, who serves as CEO of the new firm, told Bloomberg. “They’re less widely-covered, understood by the buy-side and sell-side.”
Iridium’s money has come primarily from Asia’s ultra-rich. Wang said the fund should hit US$100 million within a year, and has a capacity of US$1 billion. The fund charges 2% for management and 20% for performance; UBS and Deutsche Bank are its prime brokers.
At GLG, Wang specialized in resources and industrials. He most recently worked at Singapore’s Oversea-Chinese Banking Corp. as a global equities proprietary trader. Quirke ran a long/short portfolio that was part of Lionhart’s global multistrategy hedge fund.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…