ICBC Credit Suisse Vets To Launch China-Focused Hedge Fund

Dec 4 2013 | 2:19pm ET

A pair of former ICBC Credit Suisse Asset Management traders are ready to launch their own hedge fund, with an eye towards raising US$100 million.

Kang Hao and Jimmy Weng have set up Genesis Capital Investment in Hong Kong and will launch their maiden fund by the end of the month, Reuters reports. The new firm is betting that China's plans to reform its economy will create opportunities—and an appetite for China-focused hedge funds among investors.

"Earnings growth is still strong, GDP growth is still over 7%, and you have a re-rating potential," Weng told Reuters. "I will be net-long biased heading into the new year."

Genesis will invest in Chinese shares listed in Hong Kong and in the U.S. The duo's former fund at ICBC Credit Suisse, which had more than US$500 million in assets, returned almost 140% over the past five years.

Hao, formerly head of investment at ICBC Credit Suisse in Hong Kong, and Weng, a former portfolio manager at the firm, hope to raise about US$100 million next year. At inception, they'll have US$20 million in initial capital from friends, family, institutions and senior management from ICBC Credit Suisse. Weng said that their former firm may invest, as well.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.