Mizuho Credit Trader Readies China-Focused Hedge Fund

Jul 31 2013 | 10:59am ET

The former head of Asian fixed-income trading at Mizuho Financial Group will launch his maiden hedge fund next month.

Jeffrey Yap has set up Ark One in Hong Kong. The first will launch its first hedge fund, employing a credit strategy, in mid-August, pending approval from Hong Kong regulators.

"We're seeing the need for more diversified Asian home-grown credit hedge funds as the Asian fixed-income markets liberalize further," Yap told Bloomberg News.

Ark One hopes to raise US$250 million by the end of its first year. The hedge fund has already won a US$50 million commitment from an Asian institutional investor; the investor could put another US$50 million in over the course of the first year, Yap said.

Ark One will focus on China, with as much as half of its money deployed to that country. About one-third of its assets will go to private credits. Ark One will be able to invest in hard-currency and local-currency bonds.

Yap, who left Mizuho Securities Asia in May, is joined by two other founding partners at Ark, although he declined to identify them. Prior to joining Mizuho, Yap, who will serve as chief investment officer at Ark, worked at Singapore hedge fund JL Capital.

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