Saturday, 22 November 2014
Last updated 1 day ago
Sep 14 2012 | 1:24pm ET
A former Tiger cub and two Barclays veterans have joined to launch an emerging markets macro fund at Treesdale Partners.
Treesdale has hired Yoon Chang, formerly of Tiger Management, former Barclays trader Ashley Honey and former Barclays Capital foreign-exchange structuring chief Ade Odunsi to run the Treebrook Macro Fund. The new vehicle debuted on Wednesday with $20 million in initial capital.
The emerging markets-focused fund employs a global macro strategy, primarily trading interest rates and currencies, Hedge Funds Review reports. Chang and Honey are co-managers, the former handling fundamental, longer-term trading, and the latter short-term forex deals, while Odunsi will focus on risk and managing options overlay strategies.
"The big macro theme currently is global growth moderation and flattening of yield curves, particularly in the emerging markets," Odunsi told the magazine. "A lot of the emerging market countries are in reasonable fiscal shape from a fundamental perspective. We think the days of emerging markets getting crushed as global growth slows are over and that yields will come down from here."
The new fund has a $500,000 minimum investment requirement and charges 2% for management and 20% for performance. UBS is its prime broker and SS&C Technologies its administrator.
Chang was most recently a portfolio manager at Lily Pond Capital Management. He started his career at Morgan Stanley before moving to Tiger, and in 2002 co-founded his own hedge fund, Emerging Sovereign Group, with backing from Tiger founder Julian Robertson. ESG is still around and now manages $5 billion.
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