Bakrie Trader Eyes Indonesia Hedge Fund Launch

Feb 10 2011 | 5:57am ET

Bakrie Group's proprietary stock-trading chief has designs on launching the second domestically-run Indonesia-focused hedge fund.

Edwin Ridwan said he hopes to launch his Amandana Capital fund within the next six months. Ridwan, who established Bakrie's equity prop. desk in November, said he is in talks with his employers about backing the new venture.

Ridwan is offering a stake in Amandana or a share of its fee revenues for between US$10 million and US$15 million in seed capital.

"I'm hoping to raise this fund, if possible, with the Bakrie Group," he told Bloomberg News. "It's tough to find seeders from the local market; most people don't even know what a hedge fund is."

It is unclear whether Bakrie will bite: The Jakarta-based firm hopes to begin managing outside capital itself through Ridwan's desk and said it planned to launch several funds targeted at foreign investors.

Amandana will invest both in companies that earn most of their money in Indonesia or have most of their assets in the country, choosing "non-Indonesian stock exchange listed companies to expand our investible universe," Ridwan explained. The fund will invest in liquid securities as it seeks to profit from "tremendous" growth over the next three to five years.

Ridwan said he hoped to raise as much as US$100 million for Amandana during its first year.


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