Woori Absolute Partners, through its Woori NewAlpha Fund, has invested an undisclosed amount in Mosaic Asset Management.
Woori is the Singapore-based arm of South Korea's Woori Investment & Securities and Paris-based hedge fund incubator NewAlpha Asset Management.
Singapore-based Mosaic was founded by two Australians: CIO Tristan Edwards and COO Greg Laughlin.
Edwards spent three years at Brevan Howard in London, last serving as head of execution desk before joining Trafalgar Capital as a portfolio manager in the Asian equity portfolio. Prior to that, he worked at Goldman Sachs Asset Management in Melbourne as an equity analyst and equity trader.
Laughlin has 17 years' experience in control, risk management and hedge fund structured financing, including 11 years with Credit Suisse in its Hong Kong, London and New York offices. His last title there was director in prime services.
Joining them is Andrew Willersdorf, who has nine years of experience having started his career with the Goldman Sachs graduate program in Melbourne, Australia specializing in Australian equities for nearly three years before moving to London to spend six years covering Australian and Asian equities and global cross products desks.
Mosaic focuses on Asian equity strategies. With the Woori seed investment and a yet-to-be-finalized “significant allocation by a large North American institutional investor,” to take the form of a managed account, the firm will manage US$100 million.
The Mosaic Trading Fund, which will launch on March 2013, deploys a fully hedged, short-term trading strategy that focuses on supply and demand imbalances prevalent in Asian equity markets. It's a strategy Edwards deployed successfully within the Asian portfolio of the Trafalgar Trading Fund.
“Tristan has established a successful investment track record as a portfolio manager running alpha driven equity strategies in Asia. He has demonstrated an ability to consistently deliver positive absolute returns on a risk-adjusted basis over the past several years—particularly during challenging market conditions,” said Edward Moon, CIO of Woori Absolute Partners, in a statement.
“Our first seed transaction underscores the unique global strength of the Woori NewAlpha alliance through our ability to source, identify and forge strategic partnerships with “best of breed” emerging managers, and highlights the compelling investment opportunity set represented by the early stage hedge fund space in Asia.”