Add another prominent hedge fund launch to Asia's hopper.
Credit Suisse's former foreign exchange chief for the region in readying a currency hedge fund for launch by October. David Curtis has founded Northbridge Park Asset Management in Sydney, Australia.
The new fund, which expects to debut with between US$50 million and US$100 million, will trade Group of 10 and Asian currencies. It will invest primarily in the spot forex market, with up to 10% invested in derivatives.
The Northbridge Park Macro FX Fund will target annualized returns of between 12% and 15%, with volatility of between 7% and 10%. The strategy, which has been trading with seed capital from Deutsche Bank for more than a year, is up 5.4% on the year.
Northbridge Park hopes to raise US$750 million to meet its initial capacity. "We have had strong interest in managed accounts from a couple of Hong Kong- and Tokyo-based investors that we are seeing later in the week," Robert Duke, the new firm's head of business development, told Reuters.
In addition to Curtis and Duke, Northbridge Park features Chris De La Hoyde, former Asia-Pacific foreign exchange chief at the Royal Bank of Scotland, and David Bavin, former forex and equity derivatives head at Macquarie Bank. Duke told Reuters that the team had been planning the hedge fund for several years.