Sunday, 3 May 2015
Last updated 1 day ago
Apr 27 2011 | 12:28pm ET
Asia has a new billion-dollar hedge fund.
The Macquarie Asian Alpha Fund now manages US$1.03 billion, Macquarie Group told investors in a letter. The asset growth makes the fund one of only a handful of such hedge funds in Asia—in January, there were only 29 Asian hedge funds with more than US$1 billion in assets under management.
"Being part of Australia's largest investment bank, we have a robust institutional infrastructure and investors take comfort from this in the post-Madoff world," portfolio manager Nick Bird told Reuters.
The Macquarie fund reached the milestone in less than 16 months; the fund managed only US$230 million in January 2010 and at the end of December, it still managed only US$576 million. But Macquarie has aggressively marketed the fund since it paid out about $500 million in redemptions in one month during the financial crisis.
The Asian Alpha fund uses a market-neutral long/short strategy, featuring a quantitative screening process to sift through more than 5,000 stocks.
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…