Citi Vet Chan Launches Emerald Orient Greater China Hedge Fund

Apr 29 2011 | 1:38pm ET

A former Citigroup Smith Barney portfolio manager has launched a Greater China hedge fund with US$25 million in initial assets.

Daniel Chan said that the fund began trading after receiving an asset management license in Hong Kong earlier this month. Chan's Emerald Orient Investment Advisor is starting slowly, waiting for two of the new firm's five partners to join the firm later this year to hire a prime broker and begin fundraising in earnest.

"We have commitments to get another half by the end of the year to reach US$50 million," Chan told Reuters.

Emerald Orient's maiden fund will invest in mid- and small-cap funds, with a focus on companies with major operations in Greater China with the potential to increase their market capitalizations by as much as threefold within four years, Chan explained.

Chan is joined at Emerald Orient by venture capital and private equity veterans Henry Tsai and Winnie Ho. The former is based in Hong Kong with Chan, while the latter works in Taipei, Taiwan.

Chan would not identify the two partners set to join the firm by the end of the year, only saying the one is a former Morgan Stanley executive and that the other studied at the Massachusetts Institute of Technology.

"We do not want to grow too big because we are waiting for the partners to join," he said.

The new fund's initial capital came from a large family office, which Chan would not identify other than to say it is related to a Fortune 500 company. Emerald Orient plans to focus its fundraising efforts on other family offices as well as Taiwanese and overseas Chinese high-net-worth investors.

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