Strategist Famed For 'Irrelevance' Report To Launch Japan Hedge Fund

Oct 3 2011 | 1:29pm ET

A Morgan Stanley strategist is set to launch a hedge fund investing in a country he famously deemed "irrelevant" a decade ago.

Alexander Kinmont has founded Milestone Asset Management Co. with plans to launch his first hedge fund later this month. Tokyo-based Milestone is already running a long-only fund.

The long/short fund is still in the planning stages, Kinmont, who left Morgan Stanley MUFG Securities in July, told Bloomberg News.

"We're starting the fund now because Japan is cheap for the first time in a generation," Kinmont said. "The fundraising environment is extremely difficult, but experience shows when it's difficult to raise money, it's usually the case that capital can be invested at attractive returns."

That sentiment is quite a turnaround for the man who, in 2002 while at Nikko Citigroup, wrote a research report entitled "The Irrelevance of Japan," which called the country little more than "a laboratory experiment concerning deflation." But he changed his mind two years ago, offering a new report entitled, obviously, "The Relevance of Japan."


In Depth

Fund Manager's Disease: Common Symptoms and Proposed Remedies

May 3 2016 | 6:11pm ET

The cadre of 25 research analysts at Murano Systems speaks with more than 150 investors...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...