Saturday, 25 April 2015
Last updated 1 day ago
Aug 15 2007 | 11:41am ET
Nassau, Bahamas- and Miami-based Magnum Fund Management is the latest firm to lend credence to the fast-growing Greater China region. The firm, in a joint venture with Hong Kong-based Baron Asset Management, this month launched the BM Greater China Asia Fund, a long/short equity vehicle.
The new offering is an onshore version of the firm’s offshore fund, which has been trading since March 2004. Baron serves as sub-advisor to the fund. This year, Magnum’s $24 million onshore Greater China fund has returned 22.80% through Aug. 3.
Both funds focus on Asian equities and derivatives in the Greater China region and employ market neutral and directional strategies, according to fund documents. They also focus on pre-listed securities, event driven opportunities, merger and convertible bond arbitrage and distressed assets.
Rajeev Baddepudi, a senior analyst at Eurekahedge, estimates there are currently over 90 hedge funds investing in the Greater China region, managing some US$12 billion in total assets.
The new offering charges fees 1.5% for management and 20% for performance. There is a $250,000 minimum investment requirement.
Magnum is headed by David Friedland and manages both single-strategy and funds of funds. The firm has a total of $300 million in assets under management.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…