Sunday, 29 May 2016
Last updated 1 day ago
Oct 23 2012 | 11:12am ET
Hong Kong-based hedge fund Double Haven Capital Management has acquired the hedge fund platform to which it has been outsourcing many of its operations.
DragonBack Capital will now perform those back-office functions for Double Haven in-house, using the same team.
Darryl Flint, CEO and CIO of Double Haven, and his team intend to continue focusing on Asia credit strategies—the Double Haven Asia Absolute Bond Fund had returned 16.8% as of the end of September and the firm plans to launch new products in the coming months.
“While the credit markets in Asia have developed significantly over the last 10 years, we believe there is still much more to be done, resulting in an ever growing opportunity base as Asia shifts from its heavy dependency on the equity markets,” said Flint in a statement. “In 2012, we are witnessing an unprecedented amount of new issuance which has been easily absorbed by the market, as global bond investors shift from being underweight this asset class and dedicated Asian investors turn their focus to diversify from equities. We think this asset class offers a tremendous opportunity, and are excited to be in a stronger position to deliver a fully institutional offering to investors.”
Prior to completion of the acquisition, the value of which was not revealed, all non-Double Haven funds on the DragonBack platform were wound down.