‘Smart’ Firm Gets Into Fund Of Funds Business

Jul 29 2008 | 9:14am ET

A division of Japan’s biggest bank is planning a fund of hedge funds, focusing on managers who thrive when the going gets tough.

Mitsubishi Asset Brains Co.—which is owned in part by Mitsubishi UFJ Financial Group—hopes to begin advising a fund of funds within the next two or three years, Akihiro Nishi, executive director of its investment advisory division, told Bloomberg News. The fund will seek out managers who perform well in falling markets, and will invest in both Japanese and offshore funds, including those in the U.S.

MAB is designing the fund for high net-worth individuals, Nishi said.

“We’re looking at fund managers with high investment skills, especially at boutique firms, for the fund of hedge funds,” Nishi told Bloomberg. “When the overall market is bad, some hedge funds tend to stand out in the crowd.”

He added that the firm had hired a hedge fund manager, who starts next month.

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