Saturday, 22 November 2014
Last updated 22 hours ago
Aug 1 2014 | 5:15am ET
By Bei Hu (Bloomberg) -- Alex Turnbull, a former executive director of Goldman Sachs Group Inc.’s special situations group, is planning a Singapore-based hedge fund, said people with knowledge of the matter.
Turnbull, son of Australian Communications Minister Malcolm Turnbull, will be the chief investment officer of Keshik Capital Pte, said the people who asked not to be identified as the information is private. The fund, which will be focused on Asia with the flexibility to invest globally, may start as early as January and will invest in equity and credit, including convertible bonds, they added.
Keshik is at least the third hedge-fund startup tapping Asian opportunities in recent years involving a former member of the Goldman Sachs unit that invests in distressed debt and companies with its own capital. The Special Situations Group, known as SSG, is part of Goldman Sachs’s investing and lending operation, which generated $4.3 billion of pretax earnings last year, the most of the New York-based bank’s four business segments.
Turnbull, who is based in Singapore, worked for SSG for four years until earlier this year, according to his LinkedIn profile, which was verified by one of the people. SSG made investments including in Japan’s largest golf-course operator Accordia Golf Co. and pizza-chain Sbarro Inc.
Connie Ling, a Hong Kong-based spokeswoman for Goldman Sachs, declined to comment on his departure.
The Sydney native educated at Harvard University also had a stint at Mount Kellett Capital Management LP, the investment firm founded by former SSG executives Mark McGoldrick and Jason Maynard. Turnbull’s other former employers include Deutsche Bank Group AG and Fortress Investment Group LLC, according to his LinkedIn profile.
Malcolm Turnbull was co-chairman of Goldman Sachs’s Australian unit between 1997 and 2001.
Jason Brown, a former global head of SSG, set up his own Hong Kong-based fund company Arkkan Capital Management Ltd. last year, according to information posted on the website of the city’s Securities and Futures Commission.
Chris Mikosh, a former SSG managing director, co-founded Tor Investment Management (Hong Kong) Ltd. with Patrik Edsparr, previously a Citadel LLC executive, according to a December 2013 statement from backer Grosvenor Capital Management. Tor invests in credit and special situations across Asia, it said.
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