Thursday, 26 May 2016
Last updated 19 hours ago
Jun 17 2011 | 3:57am ET
A new hedge fund with designs on becoming the second-largest Asian hedge fund launch of the year has moved a step closer to reality.
PCA Investments has received a Hong Kong asset management license, Reuters reports. The firm, also known as Principia Capital Advisors, is planning to launch three strategies this summer and expects to raise US$750 million.
The Hong Kong- and Beijing-based firm plans to start with a commodity trading adviser, credit strategy and equity strategy. It is led by Hang Hu and former Merrill Lynch executive Wing Lau.
PCA's planned launch follows the April debut of Azentus Capital, headed by former Goldman Sachs proprietary trading chief Morgan Sze. Azentus raised US$1 billion at launch and now manages almost twice that.