Sunday, 2 August 2015
Last updated 1 day ago
Jan 12 2011 | 1:39pm ET
Former SAC Capital Advisors fund manager Ping Jiang has launched a second hedge fund after his maiden fund secured its second-straight year of triple-digit returns.
Ping Capital Management’s Emerging Markets Macro Fund debuted on Jan. 1, Dealbreaker.com reports. A source told the blog that the new fund “targets a lower [volatility] and focuses on short-term trading.”
The new fund has a $500,000 minimum investment and a one-year lockup, and charges 2% for management and 20% for performance.
Investors rushing to invest in the new fund are betting that Jiang’s ability to repeat his performance with the firm’s Exceptional Value Fund. The $155 million vehicle returned 105% last year and 193% in 2009.
Jiang is still perhaps best-known for some lurid accusations made against him by a former employee at SAC. Andrew Tong sued Jiang and SAC, alleging that Jiang made “violent sexual advances” towards him and forced him to cross-dress and take estrogen pills. Both Jiang and SAC vehemently denied the allegations, which were dismissed by an arbitration panel.
May 27 2015 | 2:15pm ET
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