Citi Vets Launch Asian Telecom Hedge Fund

Mar 3 2008 | 10:38am ET

Singapore-based Pacific Ocean Capital has launched its debut offering, a long/short equity hedge fund that will make bets on the Asian telecommunications sector.

The Asia Telecom Fund will focus its long positions on companies that are “best positioned in the high growth markets of developing Asia,” and “producing high levels of cash flow without dependence on export products or relative currency values,” according to the firm. 

The fund launched on Jan. 2 with some US$10.5 million and finished its first month up 1.40%.

Pacific Ocean was founded by Tom Fuller, former Asia head of telecom portfolio management at Citi, and Tom Hulstead, who joined Bank Danamon as head of corporate finance after his Citi years.

“In the 15 years I have worked in the emerging market telecom industry, I feel that the sector in Asia has the best financial prospects I have ever seen,” Fuller, who serves the new firm as chief investment officer, said. “Underlying earnings are strong due to the massive increase in mobile phones throughout the region, leverage is very low, free cash flow generation is high and many companies have shareholder oriented management that is returning cash to investors.”

The Asia Telecom Fund charges a 2% management and a 20% performance fee with a US$1 million minimum investment requirement.

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