Long-Time Singapore Sovereign Exec. To Launch Hedge Fund

Feb 28 2012 | 5:40am ET

After a career at a Singapore sovereign wealth fund, Aje Saigal will continue to manage the city-state's money—at his own hedge fund.

Saigal's Nuvest Capital is set to launch its maiden fund in early July, seeded by the Government of Singapore Investment Corp. Saigal worked at GIC for more than 30 years, joining the sovereign fund at its inception in 1981 and remaining there until earlier this year, when he left to found Nuvest. During his three decades at GIC, Saigal served as a stock manager, chief investment officer for global equities and director of investment policy and strategy.

It is unclear how much GIC plans to invest with Nuvest. The fund has a US$1 billion minimum capacity.

Nuvest's Global Fund will be a multi-asset, emerging-markets focused hedge fund, Reuters reports. The fund aims to return 4% to 5% annually above the rate of inflation.

In addition to Saigal, as chief investment officer, Nuvest will feature former Barclays Global Investors and Vanguard executive Lee Yuit Chieng as chief investment officer, as well as former executives from an Australian superannuation fund and a Chicago multi-strategy hedge fund.

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