Highbridge Readies New Asia Hedge Fund

Oct 22 2013 | 1:09pm ET

Highbridge Capital Management hopes to raise about US$250 million for its first Asian hedge fund in more than two years.

The new Pan Asia Multistrategy Fund will debut early next year, Bloomberg News reports. It will be led by Arjun Menon, Highbridge's Hong Kong-based Asia head.

Highbridge's return to Asia comes amidst growing institutional demand for hedge-fund exposure to the region. A number of western hedge funds have established or re-established footholds in the area this year, after many pulled out during the financial crisis.

Highbridge shut its US$1.4 billion Asia Opportunities Fund in March 2011, after fund manager Carl Huttenlocher left the firm. Huttenlocher went on to launch Myriad Asset Management in December of that year with US$340 million; the firm managed about US$1.4 billion at the beginning of the year.

Menon's fund will employ an fixed-income arbitrage, convertible arbitrage, equity long/short and capital-structure relative-value strategies, taking fewer risks than Huttenlocher's fund. The strategy, seeded within internal capital in February 2011, is up 25% since then.

Menon, who has worked at Highbridge for a decade, will manage the fund with a team of six, which will also continue to manage money for Highbridge's global fund.

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