Shanghai’s Citic Launches RMB FX/Fixed Income Hedge Fund

Jun 29 2011 | 10:19am ET

Shanghai-based Citic Securities International Fund Management has launched a renminbi-denominated hedge fund focusing on foreign exchange and fixed income.

The CSI RMB Fund, which specializes in the so-called ‘dim-sum’ bond market (renminbi-traded bonds), launched in mid-June, reports Hedge Funds Review, and will invest initially in offshore renmimbi-related securities in Greater China.

CSI Fund Management seeded the fund with $5 million which has since become $6 million and the company expects AUM to reach $100 million within the next year. Craig Lindsay, managing director and COO of CSI Investment Management told the Review that AUM could eventually top $1 billion. Lindsay says the renmimbi is on course to appreciate by 5%-7% annually, but that there may be “bumps along the road” providing shorting opportunities.

The Caymans-domiciled fund will be managed opportunistically and have a long bias. Portfolio manager Li Lu joined Citic Securities in February from the financial markets department of the China Construction Bank where she was a portfolio manager.

Minimum investment in the fund is $1 million.

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