Former Deutsche Prop. Trader’s First Fund Up 20% In First Year

Jan 11 2011 | 11:56am ET

Last year proved to be a good time for Deutsche Bank’s former top proprietary trader in Asia to strike it out on his own. Wang Bing’s Nine Masts Capital debuted in May; since then, it has grown fourfold and enjoyed its first double-digit year.

The Hong Kong-based firm’s eponymous hedge fund rose about 20% last year, Bloomberg News reports. The capital structure arbitrage vehicle profited from a spurt in new issuance by Asian companies as well as the dearth of competition in the space.

Nine Masts now manages more than US$120 million. It launched with just US$30 million in capital from its partners and friends and family.

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