Monday, 24 November 2014
Last updated 2 hours ago
Nov 18 2013 | 2:34pm ET
A former Millennium Management trader has launched a new hedge fund in his native Japan.
Naoki Iwami's Whiz Partners unveiled its maiden fund in August with about US$150 million. Iwami, who served as a managing director at Millennium in Tokyo, where Whiz is based, hopes to triple that number by the end of March, Bloomberg News reports.
The Whiz Rock Global Macro Investment Fund is up 1% during its first few months, besting many of its peers but underperforming due to a lack of clear direction in the markets, Iwami told Bloomberg. "Bow is the time to persevere given the lack of big trends in the market," the JPMorgan Chase and Nomura Asset Management alumnus said.
Despite the small gain, Iwami said that Japanese institutional investors are beginning to notice the nascent fund.
"We didn't expect that money would come easy given how we're a boutique firm," he told Bloomberg. "We've been asked to continue delivering performance to win their allocation."
Nov 4 2014 | 9:45am ET
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