Thursday, 23 October 2014
Last updated 23 min ago
Apr 27 2012 | 4:51am ET
Two GLG Partners emerging markets specialists are set to launch their own hedge fund this summer.
Kelvin Woo and Joe Zhang will leave the Man Group unit to found, with a former colleague from Morgan Stanley, High Island Capital Partners in Hong Kong. The new hedge fund could debut as soon as July, Bloomberg News reports.
High Island will be an Asia-focused macro fund. In addition to Woo and Zhang, the firm will feature Tony Gravanis, who worked with Woo and Zhang at Morgan Stanley.
At the bank, Woo helped build its Hong Kong emerging markets business, and Zhang launch its Asia rate option and exotic products trading. Both men joined GLG in 2010; Woo, who began consulting for the firm in 2009, worked as a manager on its Emerging Markets Income Fund.
High Island will be just the latest new hedge fund launched in recent years by high-profile industry and proprietary trading veterans, including Myriad Capital Management, founded by former Highbridge Capital Management Asia chief Carl Huttenlocher, and Azentus Capital Management, led by former top Goldman Sachs prop. trader Morgan Sze. All told, 58 new Asian hedge funds raised more than US$4 billion last year.
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