Sparx To Launch Long/Short Asian Hedge Fund

Oct 20 2010 | 3:02am ET

Asia’s second largest hedge fund manager is launching a new fund that seeks to profit from the region’s growth, as it refocuses on its home region.

“We want to become an Asian firm,” CEO Shuhei Abe told Bloomberg News of the US$8.5 billion firm, which has closed its U.S. and U.K. businesses and sold a Hong Kong business over the past two years. One way it plans to do so is with the new Asia long/short fund, which “will be looking for Asia’s winners.”

Sparx aims to launch the fund in the first quarter. It hopes to raise between US$200 million and US$300 million within a year. The Tokyo-based firm has already set up a team of managers and analysts for the fund, which will focus on green technologies, agriculture and food.

Abe said that Sparx is also planning a long-only fund, and that its new Sparx Smart Grid Fund, which invests in green Japanese technology companies, is poised to win a US$200 million mandate from an overseas investor.

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