Brevan Howard Asset Management and a major Chinese investment bank are set to join forces to create a new fund of hedge funds.
China International Capital Corp.'s asset management business will run the new fund, which will invest in Brevan Howard hedge funds, some of which are not currently available. The global macro vehicle will be available in onshore and offshore share classes, both of which will be denominate in Chinese renminbi.
"The fund is the second of its kind to be launched by us," Lucy Miu, managing director of CICC Hong Kong Asset Management, said. "We strive to provide the exclusivity and accessibility of various premium investment solutions to our clients. Through investing into the combination of various funds and strategies, we aim to achieve superior return for our clients through asset allocation and diversification. Our focus is on providing excellent investment management products and services to our clients, leveraging the merits of CICC’s integrated platform and collaboration with prominent global market participants. Through rigorous due diligence and ongoing risk monitoring, the platform offers a selection of best of breed, value-added financial products of various asset classes and access to Chinese-centric and global investment management solutions."
To prepare for the launch of the new fund, CICC has closed a small long/short equity hedge fund that it had managed since 2008. The CICC Asia Fund, an offshore fund, had not been actively marketed to investors.
CICC is also reportedly planning a fund in partnership with Sloane Robinson.