Saturday, 22 November 2014
Last updated 1 day ago
May 31 2011 | 11:33am ET
Stanley Ku is back.
The former Fortress Investment Group Hong Kong chief, who last year liquidated his Minerva Capital Management after less than a year in business, has founded another hedge fund manager, hoping to tap into increasing interest in Asia-focused hedge funds.
Ku's Complus Asset Management received its asset-management license from Hong Kong regulators last week, Reuters reports. In addition to Ku, the new firm boasts Ching Kam, former CEO of Alphadyne Asset Management.
Ku's move comes almost exactly one year after he shuttered Minerva. That fund, seeded with US$50 million by the Man Group's RMF Global Emerging Managers, debuted in August 2009, but was unable to replicate Ku's success at Fortress, losing some 6.6% during its short life.
Minerva's struggles represented something new for Ku, who enjoyed a dozen consecutive years of positive performance managing US$750 million for Fortress' flagship Drawbridge Global Macro Fund. Minerva followed in Drawbridge's footsteps, running an Asia-focused global macro strategy.
Ku's return with Complus comes amidst a series of high-profile, and high-asset, hedge fund launches in Asia. Former Goldman Sachs proprietary trading chief Morgan Sze unveiled Azentus Capital last month with US$1 billion; the firm is expected to have doubled that within a few months. Last week came word of Principia Capital Advisors' planned summer launch, which is expected to net US$750 million.
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