By Shiyin Chen
July 3 (Bloomberg) -- Emerging-market equity funds resumed net inflows, capping a record $26.5 billion of investment in the second quarter as China’s “aggressive” measures spurred confidence in developing economies, EPFR Global said.
Developing-nation stock funds attracted $972 million in the week ended July 1, resuming net inflows after their first losses since March in the previous week, the research firm said in a statement yesterday. In the quarter, China lured $3.8 billion and Asia ex-Japan funds drew $23 billion.
“Money has come back because risk appetite has improved,” Daphne Roth, Singapore-based head of Asia equity research at ABN Amro Private Bank, which manages $27 billion of Asian assets, said in an interview with Bloomberg Television. “The Asia economies are doing much better compared to during the Asian financial crisis.”
The MSCI Emerging-Markets Index rallied 34 percent last quarter, the best performance since the measure was created on Dec. 31, 1987. Investors are funneling more funds into developing nations as a recovery in China, helped by the country’s 4 trillion yuan ($585 billion) stimulus package, spurs optimism the worst of the global recession has passed.
All 10 of the best-performing indexes in the second quarter belonged to emerging markets, led by Ukraine, Vietnam and Kazakhstan, according to data tracked by Bloomberg.
A measure of factory output, China’s Purchasing Managers’ Index, rose to a seasonally adjusted 53.2 in June from 53.1 in May, the Federation of Logistics and Purchasing said on July 1. A reading above 50 indicates an expansion. A manufacturing index compiled by CLSA Asia-Pacific markets also showed an expansion last month.
‘Riskier Assets’
“China’s aggressive efforts to sustain gross domestic product growth at around 8 percent and some not-so-bad data from key developed markets prompted investors to increase their exposure to riskier assets,” EPFR said.
Inflows into developing-nation equity funds last quarter topped the previous record of $22.4 billion set in the fourth quarter of 2007, the research firm said. The MSCI Emerging Markets Index reached a peak on Oct. 29, 2007, and subsequently dropped as much as 66 percent.
Investors poured some cash into U.S. stock funds and high- yield bond funds after pulling $37 billion from money-market funds during the week, Cambridge, Massachusetts-based EPFR said. The research company tracks funds with $10 trillion in assets.
To contact the reporters on this story: Shiyin Chen in Singapore at schen37@bloomberg
7/06/2009
Tahan Capital Readies Asian Credit-Focused Hedge Fund
July 2, 2009
Alternative asset management firm Tahan Capital Management is gearing up to launch an Asian-focused hedge fund that invests in Asian high yield/distressed securities, credit long/short, and macro strategies.
The Tahan Capital team is led by Ng Yong Ngee. The firm also includes Chia Tse Ern, formerly with GLG and Jabre Capital; Bryan Choo, formerly with Schroders and UBS; Charles Ooi, formerly with HSBC and UBS; and Joseph Lam, formerly with Deutsche Bank and Morgan Stanley.
The hedge fund firm has selected LaCrosse Global Fund Services to provide fund administration, middle office, operations and collateral management services to its new fund.
"We are proud to be appointed as a full-service provider of Tahan Capital’s new fund. The LaCrosse platform is well suited to support its range and complexity, and we are dedicated to working with the team as it expands,” said Celia Choh, LaCrosse’s regional head of Asia.
Alternative asset management firm Tahan Capital Management is gearing up to launch an Asian-focused hedge fund that invests in Asian high yield/distressed securities, credit long/short, and macro strategies.
The Tahan Capital team is led by Ng Yong Ngee. The firm also includes Chia Tse Ern, formerly with GLG and Jabre Capital; Bryan Choo, formerly with Schroders and UBS; Charles Ooi, formerly with HSBC and UBS; and Joseph Lam, formerly with Deutsche Bank and Morgan Stanley.
The hedge fund firm has selected LaCrosse Global Fund Services to provide fund administration, middle office, operations and collateral management services to its new fund.
"We are proud to be appointed as a full-service provider of Tahan Capital’s new fund. The LaCrosse platform is well suited to support its range and complexity, and we are dedicated to working with the team as it expands,” said Celia Choh, LaCrosse’s regional head of Asia.
7/02/2009
Sweden's Brummer Launching Asia Hedge Fund
By Reuters
Wednesday, July 01, 2009 3:20:47 PM ET
SINGAPORE (Reuters)—Brummer & Partners, Sweden's largest hedge fund manager, has set up an office in Singapore and is launching a long-short fund focusing on Asian ex-Japan equities, sources familiar with the firm said.
The fund, called Karakoram, will be launched on Wednesday [July 1] and has an initial capital of $80 million, most of which is seed money from the parent firm, the sources said. The fund hopes to notch an annual net return of 15% 20%.
Brummer is one of the more high profile hedge fund launches seen in Singapore over the last few months. The company declined comment on the launch of the fund.
Karakoram is a large mountain range spanning the borders between India, Pakistan, and China.
Brummer is a privately-owned hedge fund manager with about $5.2 billion in assets under management spread over several funds. Its portfolio managers typically have fairly large stakes in the funds they manage.
Karakoram is charging an annual management fee of 1% plus 20% of returns that exceed a pre-agreed target, which is lower than the traditional 2% and 20% charged by most funds in the past, according to company documents seen by Reuters.
Brummer's venture into Asian equity comes during a rally in Asia ex-Japan stocks which have risen 34% so far this year, outperforming the 1.8% gain in the Standard & Poor's 500 stock index and the 2.2% rise in European stocks.
The improvement in investor sentiment has slowed redemptions at global hedge funds, and many industry players expect Asian and other emerging market funds to see net inflows in the current quarter.
Brummer's five-man Singapore team is led by Chief Investment Officer Chia Ee Toh, who was previously with Amaranth Advisors and Schroder Investment Management.
According to Lipper, a unit of Thomson Reuters, Brummer also operates a fund of hedge funds structure that invests in the firm's various funds. The Swedish firm has been looking to bring in new investment teams to broaden the range of strategies it offers clients.
Wednesday, July 01, 2009 3:20:47 PM ET
SINGAPORE (Reuters)—Brummer & Partners, Sweden's largest hedge fund manager, has set up an office in Singapore and is launching a long-short fund focusing on Asian ex-Japan equities, sources familiar with the firm said.
The fund, called Karakoram, will be launched on Wednesday [July 1] and has an initial capital of $80 million, most of which is seed money from the parent firm, the sources said. The fund hopes to notch an annual net return of 15% 20%.
Brummer is one of the more high profile hedge fund launches seen in Singapore over the last few months. The company declined comment on the launch of the fund.
Karakoram is a large mountain range spanning the borders between India, Pakistan, and China.
Brummer is a privately-owned hedge fund manager with about $5.2 billion in assets under management spread over several funds. Its portfolio managers typically have fairly large stakes in the funds they manage.
Karakoram is charging an annual management fee of 1% plus 20% of returns that exceed a pre-agreed target, which is lower than the traditional 2% and 20% charged by most funds in the past, according to company documents seen by Reuters.
Brummer's venture into Asian equity comes during a rally in Asia ex-Japan stocks which have risen 34% so far this year, outperforming the 1.8% gain in the Standard & Poor's 500 stock index and the 2.2% rise in European stocks.
The improvement in investor sentiment has slowed redemptions at global hedge funds, and many industry players expect Asian and other emerging market funds to see net inflows in the current quarter.
Brummer's five-man Singapore team is led by Chief Investment Officer Chia Ee Toh, who was previously with Amaranth Advisors and Schroder Investment Management.
According to Lipper, a unit of Thomson Reuters, Brummer also operates a fund of hedge funds structure that invests in the firm's various funds. The Swedish firm has been looking to bring in new investment teams to broaden the range of strategies it offers clients.
Brazil Small Caps Will Extend Rally, Mesquita Says
By Alexander Ragir
July 1 (Bloomberg) -- Brazil’s smaller companies will continue to outperform the Bovespa index after gaining twice as much as the broader market last quarter, said Marcelo Mesquita, partner at Leblon Equities Gestao de Recursos Ltda.
Mesquita, whose funds have beaten more than 93 percent of peers this year by buying smaller banks and avoiding commodity producers, said these companies will benefit more from falling interest rates and are being hurt less by the global economic slowdown.
“This is a trend that should continue,” Mesquita, a former UBS AG analyst in Brazil who helps manage about 150 million reais ($64.8 million) at Leblon, said in an interview from Rio de Janeiro. “Smaller companies have more growth potential and they are made up of more diverse industries for stock picking. Large-caps are unpredictable because of their cyclical nature in Brazil.”
The BM&FBovespa Small Cap index of companies smaller than $3.2 billion in market value, surged 50 percent last quarter, compared with the 26 percent gain for the benchmark Bovespa index. The broader index is made up of about half commodity stocks, while the so-called small-cap index is comprised of mostly utilities, homebuilders, retailers and food companies.
UBS also recommends Brazilian companies that are dependent on growth in the domestic economy, according to a note to clients today.
‘Prefer Domestic Names’
“We continue to prefer domestic names over commodities,” UBS strategists led by Pedro Batista wrote. “Brazil’s domestic names are trading with 11 percent discount to commodities, compared to the historical average premium of 62 percent for domestic names.”
Farallon Capital Management LLC, a $30 billion San Francisco-based hedge fund, owns a 12 percent stake in Leblon.
The Bovespa has gained 39 percent this year on speculation record-low rates and rising demand for raw materials will boost Latin America’s biggest economy. Policy makers probably will lower their benchmark rate by a half-percentage point to 8.75 percent at the next meeting July 21-22, according to the median forecast of about 100 economists in a central bank survey published yesterday.
The BM&FBovespa Small Cap index fetches 13 times estimated earnings, less than the price-to-earnings ratio of 13.62 for the Bovespa index. Mesquita said there are still “very cheap” small caps in Brazil that haven’t entirely recovered.
‘Looking Attractive’
“With liquidity improving and risk appetite recovering, some smaller companies are looking attractive,” said Roberto Lampl, who helps oversee about $12 billion in emerging-market assets at ING Investment Management in The Hague. “A lot of these stocks were hit harder than the rest of the market.”
The BM&FBovespa Small Cap index sank 53 percent last year, compared with a 41 percent drop for the Bovespa index.
Pedro Rudge, a partner at Leblon, said in an interview February 3 he was buying smaller lenders Banco Industrial e Comercial SA and Banco Panamericano SA because of their valuations and expectations share sales will provide enough capital. BicBanco, as the bank is known, has surged 93 percent since then while Panamericano has gained 51 percent.
Petroleo Brasileiro SA, Brazil’s state-controlled oil company and the biggest stock on the Bovespa, has risen 27 percent since February. Vale SA, the world’s biggest iron ore miner and the second-largest stock on the index, added 5.6 percent in that period.
Mesquita’s Leblon Acoes Master FIA has advanced 52 percent this year after gaining 43 percent last quarter, according to Bloomberg data. Leblon Acoes FIC FIA has climbed 43 percent following a 36 percent advance in the second quarter.
Leblon employs Bruno Pereira, Institutional Investor’s top- ranked Latin America bank analyst last year while he was at UBS.
To contact the reporter on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net;
July 1 (Bloomberg) -- Brazil’s smaller companies will continue to outperform the Bovespa index after gaining twice as much as the broader market last quarter, said Marcelo Mesquita, partner at Leblon Equities Gestao de Recursos Ltda.
Mesquita, whose funds have beaten more than 93 percent of peers this year by buying smaller banks and avoiding commodity producers, said these companies will benefit more from falling interest rates and are being hurt less by the global economic slowdown.
“This is a trend that should continue,” Mesquita, a former UBS AG analyst in Brazil who helps manage about 150 million reais ($64.8 million) at Leblon, said in an interview from Rio de Janeiro. “Smaller companies have more growth potential and they are made up of more diverse industries for stock picking. Large-caps are unpredictable because of their cyclical nature in Brazil.”
The BM&FBovespa Small Cap index of companies smaller than $3.2 billion in market value, surged 50 percent last quarter, compared with the 26 percent gain for the benchmark Bovespa index. The broader index is made up of about half commodity stocks, while the so-called small-cap index is comprised of mostly utilities, homebuilders, retailers and food companies.
UBS also recommends Brazilian companies that are dependent on growth in the domestic economy, according to a note to clients today.
‘Prefer Domestic Names’
“We continue to prefer domestic names over commodities,” UBS strategists led by Pedro Batista wrote. “Brazil’s domestic names are trading with 11 percent discount to commodities, compared to the historical average premium of 62 percent for domestic names.”
Farallon Capital Management LLC, a $30 billion San Francisco-based hedge fund, owns a 12 percent stake in Leblon.
The Bovespa has gained 39 percent this year on speculation record-low rates and rising demand for raw materials will boost Latin America’s biggest economy. Policy makers probably will lower their benchmark rate by a half-percentage point to 8.75 percent at the next meeting July 21-22, according to the median forecast of about 100 economists in a central bank survey published yesterday.
The BM&FBovespa Small Cap index fetches 13 times estimated earnings, less than the price-to-earnings ratio of 13.62 for the Bovespa index. Mesquita said there are still “very cheap” small caps in Brazil that haven’t entirely recovered.
‘Looking Attractive’
“With liquidity improving and risk appetite recovering, some smaller companies are looking attractive,” said Roberto Lampl, who helps oversee about $12 billion in emerging-market assets at ING Investment Management in The Hague. “A lot of these stocks were hit harder than the rest of the market.”
The BM&FBovespa Small Cap index sank 53 percent last year, compared with a 41 percent drop for the Bovespa index.
Pedro Rudge, a partner at Leblon, said in an interview February 3 he was buying smaller lenders Banco Industrial e Comercial SA and Banco Panamericano SA because of their valuations and expectations share sales will provide enough capital. BicBanco, as the bank is known, has surged 93 percent since then while Panamericano has gained 51 percent.
Petroleo Brasileiro SA, Brazil’s state-controlled oil company and the biggest stock on the Bovespa, has risen 27 percent since February. Vale SA, the world’s biggest iron ore miner and the second-largest stock on the index, added 5.6 percent in that period.
Mesquita’s Leblon Acoes Master FIA has advanced 52 percent this year after gaining 43 percent last quarter, according to Bloomberg data. Leblon Acoes FIC FIA has climbed 43 percent following a 36 percent advance in the second quarter.
Leblon employs Bruno Pereira, Institutional Investor’s top- ranked Latin America bank analyst last year while he was at UBS.
To contact the reporter on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net;
6/24/2009
Ex-Citadel manager to start Income Partners` first equity fund
By Bei Hu
June 23 (Bloomberg) -- Income Partners Asset Management (HK) Ltd., the hedge-fund firm that oversees $600 million of debt and macro funds, is starting its first equity fund that will be managed by a former Citadel Investment Group LLC. head of Asia equities.
IP Asian Equity Long-Short Fund will begin investment July 2 with $25 million to $50 million of capital from its partners and family offices, said Agus Tandiono, Income Partners’ chief investment officer for equities and the fund’s manager. The company plans to expand the fund’s assets to $300 million next year, said Tandiono.
Income Partners, based in Hong Kong, is widening its product offerings after the financial crisis depressed credit prices, thinned trading and hurt debt fund returns.
“The equity markets have peaked and bottomed and moved up very quickly,” said Tandiono, 38, in an interview yesterday. “This is a great timing to capture the recovery and the growth over the next three to five years.”
Net asset value of Income Partners’ Asian Credit Hedge Fund, its oldest, fell 32 percent last year, its first full-year loss since 2003.
The new fund will invest in companies with at least $1 billion of market value in Asia outside Japan, Tandiono said. As much as 80 percent of the investments will be in Greater China, including China, Hong Kong, Singapore and Taiwan. The remainder will be invested in South Korea and Australia, he added.
Managers Underweight
Investments will be made across four industries, including financial, industrial, telecommunications and information technology companies, which together account for more than 70 percent of the region’s stock market value, Tandiono said.
The fund will seek an annual return of 15 percent to 20 percent. It will charge a 1.5 percent management fee and 20 percent performance fee.
The MSCI Asia-Pacific ex-Japan Index has rebounded 55 percent since a one-year trough on Nov. 20, moving the gauge’s price-earnings multiple above the average since October 2000, according to data compiled by Bloomberg.
About 40 percent of the 12 largest global asset managers in a HSBC Holdings Plc survey were underweight equities -- or held less stocks than represented in benchmarks -- in the second quarter, up 18 percentage points from the previous three months.
“Going forward, we will have to differentiate the fundamentals,” Tandiono said.
Stock Pickers
His team picks stocks for the new fund based on companies’ financial fundamentals, an approach used by Income Partners’ credit research team since the firm’s founding in 1993 by Emil Nguy and Francis Tjia.
Tandiono began his career as a financials analyst at Fidelity Investments, and managed various country funds in Asia. He oversaw $1.2 billion before his departure in 2005.
He joined Citadel in early 2006 as an analyst. He became head of Asia equities later that year, leading a team that managed $4 billion of investments. He left in September before the Chicago-based hedge fund manager cut 37 jobs in the region.
Tandiono joined Income Partners as its fourth partner in April.
To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net
Last Updated: June 22, 2009 23:25 EDT
June 23 (Bloomberg) -- Income Partners Asset Management (HK) Ltd., the hedge-fund firm that oversees $600 million of debt and macro funds, is starting its first equity fund that will be managed by a former Citadel Investment Group LLC. head of Asia equities.
IP Asian Equity Long-Short Fund will begin investment July 2 with $25 million to $50 million of capital from its partners and family offices, said Agus Tandiono, Income Partners’ chief investment officer for equities and the fund’s manager. The company plans to expand the fund’s assets to $300 million next year, said Tandiono.
Income Partners, based in Hong Kong, is widening its product offerings after the financial crisis depressed credit prices, thinned trading and hurt debt fund returns.
“The equity markets have peaked and bottomed and moved up very quickly,” said Tandiono, 38, in an interview yesterday. “This is a great timing to capture the recovery and the growth over the next three to five years.”
Net asset value of Income Partners’ Asian Credit Hedge Fund, its oldest, fell 32 percent last year, its first full-year loss since 2003.
The new fund will invest in companies with at least $1 billion of market value in Asia outside Japan, Tandiono said. As much as 80 percent of the investments will be in Greater China, including China, Hong Kong, Singapore and Taiwan. The remainder will be invested in South Korea and Australia, he added.
Managers Underweight
Investments will be made across four industries, including financial, industrial, telecommunications and information technology companies, which together account for more than 70 percent of the region’s stock market value, Tandiono said.
The fund will seek an annual return of 15 percent to 20 percent. It will charge a 1.5 percent management fee and 20 percent performance fee.
The MSCI Asia-Pacific ex-Japan Index has rebounded 55 percent since a one-year trough on Nov. 20, moving the gauge’s price-earnings multiple above the average since October 2000, according to data compiled by Bloomberg.
About 40 percent of the 12 largest global asset managers in a HSBC Holdings Plc survey were underweight equities -- or held less stocks than represented in benchmarks -- in the second quarter, up 18 percentage points from the previous three months.
“Going forward, we will have to differentiate the fundamentals,” Tandiono said.
Stock Pickers
His team picks stocks for the new fund based on companies’ financial fundamentals, an approach used by Income Partners’ credit research team since the firm’s founding in 1993 by Emil Nguy and Francis Tjia.
Tandiono began his career as a financials analyst at Fidelity Investments, and managed various country funds in Asia. He oversaw $1.2 billion before his departure in 2005.
He joined Citadel in early 2006 as an analyst. He became head of Asia equities later that year, leading a team that managed $4 billion of investments. He left in September before the Chicago-based hedge fund manager cut 37 jobs in the region.
Tandiono joined Income Partners as its fourth partner in April.
To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net
Last Updated: June 22, 2009 23:25 EDT
6/09/2009
Investors fund flows into EM equity, Commodity and Global bond funds with huge Money Market redemptions
EPFR Global
Going into June the markets started to focus on the massive debt issuance by developed markets, led by the US , and the likely long-term effects on the value of safe-haven currencies such as the dollar, yen and pound. That prompted investors to allocate more cash to funds investing in emerging markets – especially the bigger ones – as well as commodities and energy. EPFR Global-tracked emerging markets equity funds absorbed another $3.79 billion during the week ending June 3 while US, Japan and Europe Equity funds had outflows.
Investors pulled another $22.7 billion from Money Market Funds, the second largest outflow from these funds this year, in a sign of continuing confidence in putting some of this $3.3 trillion cash mountain to work in higher yielding asset classes.
The prospect of dollar, euro and yen weakness did not stop investors committing over $1 billion to both US Bond Funds. And the $1.1 billion that they pumped into Global Bond Funds was the biggest weekly inflow into this fund group since the fourth quarter of 2004. Investors also committed fresh funds to High Yield Bond, Commodity Sector and Balanced Funds and extending multi-week inflow streaks for each fund group.
Overall, Equity Funds posted inflows of $2.9 billion while flows into Bond Funds totaled $3.63 billion.
Emerging Market Equity Fund Flows
All Emerging Market Equity Funds combined have now taken in $26.1 billion of net inflows year to date, a little more than half of the $50 billion in assets lost to net outflows from these funds in 2008. With currency rather than growth issues on their minds, investors gravitated towards markets with a reputation for fiscal discipline (Asia) or big commodity stories (Latin America, Russia ) in late May and early June. Asia ex-Japan Funds posted the biggest inflows in dollar terms, $1.54 billion, while Latin America Equity Funds fared best in flows as a percentage of assets under management terms.
Investors committed $1.07 billion to Global Emerging Markets (GEM) Equity Funds, just under $1 billion to Latin America Equity Funds and $230 million to EMEA Equity Funds. It was the fourth time in the past five weeks GEM Equity Funds have absorbed over $1 billion, and it took year-to-date inflows for this fund group north of $12.5 billion.
Flows into Latin America Funds were driven by interest in Brazil ’s commodity story, with Brazil Equity Funds enjoying their best week since early 4Q07 as they took in a net $832 million. Another commodity play, Russia , was behind the best week EMEA Equity Funds had enjoying in exactly a year
Going into June the markets started to focus on the massive debt issuance by developed markets, led by the US , and the likely long-term effects on the value of safe-haven currencies such as the dollar, yen and pound. That prompted investors to allocate more cash to funds investing in emerging markets – especially the bigger ones – as well as commodities and energy. EPFR Global-tracked emerging markets equity funds absorbed another $3.79 billion during the week ending June 3 while US, Japan and Europe Equity funds had outflows.
Investors pulled another $22.7 billion from Money Market Funds, the second largest outflow from these funds this year, in a sign of continuing confidence in putting some of this $3.3 trillion cash mountain to work in higher yielding asset classes.
The prospect of dollar, euro and yen weakness did not stop investors committing over $1 billion to both US Bond Funds. And the $1.1 billion that they pumped into Global Bond Funds was the biggest weekly inflow into this fund group since the fourth quarter of 2004. Investors also committed fresh funds to High Yield Bond, Commodity Sector and Balanced Funds and extending multi-week inflow streaks for each fund group.
Overall, Equity Funds posted inflows of $2.9 billion while flows into Bond Funds totaled $3.63 billion.
Emerging Market Equity Fund Flows
All Emerging Market Equity Funds combined have now taken in $26.1 billion of net inflows year to date, a little more than half of the $50 billion in assets lost to net outflows from these funds in 2008. With currency rather than growth issues on their minds, investors gravitated towards markets with a reputation for fiscal discipline (Asia) or big commodity stories (Latin America, Russia ) in late May and early June. Asia ex-Japan Funds posted the biggest inflows in dollar terms, $1.54 billion, while Latin America Equity Funds fared best in flows as a percentage of assets under management terms.
Investors committed $1.07 billion to Global Emerging Markets (GEM) Equity Funds, just under $1 billion to Latin America Equity Funds and $230 million to EMEA Equity Funds. It was the fourth time in the past five weeks GEM Equity Funds have absorbed over $1 billion, and it took year-to-date inflows for this fund group north of $12.5 billion.
Flows into Latin America Funds were driven by interest in Brazil ’s commodity story, with Brazil Equity Funds enjoying their best week since early 4Q07 as they took in a net $832 million. Another commodity play, Russia , was behind the best week EMEA Equity Funds had enjoying in exactly a year
6/03/2009
Samena Capital acquires Vision Asia Pacific
Tue, 02 Jun 2009
Samena Capital has acquired Asian fund management group Vision Asia Pacific.
Vision Asia Pacific is a subsidiary of Vision Investment Management, a Hong-Kong headquartered investment firm.
Samena has also acquired including Vision Asia Pacific's investment team and USD75m in assets in a five-year closed ended fund.
Through a convertible structure, Vision intends to become a shareholder of Samena Capital and its founder Jerry Wang (pictured) will join the firm's board.
Shirish Saraf, president and founder of Samena Capital, says: 'The VAP transaction brings to life Samena's buy and build model of investment management, through which we gather premier investment teams under our umbrella and then apply our expertise and access to opportunities to achieve a step-change in their returns. Leveraging the USD50m in equity with which we capitalised our management company, we are determined to create a meaningful Asian platform which allows us to unlock the value opportunities sourced by our Samena-wide shareholder base for the benefit of those investing in our funds.'
Wang says: 'Vision believes in Samena's investment approach and value creation story and I look forward to a successful long term relationship with Samena Capital. This partnership gives us the ability to jointly explore areas of value creation for the investors of the Angel Fund and to unlock the potential value in a few exceptional asset management platforms.'
Established in February 2008, Samena Capital is an investment management group focusing on principal investments on the Subcontinent, Asia, Middle East and North Africa.
Samena Capital has acquired Asian fund management group Vision Asia Pacific.
Vision Asia Pacific is a subsidiary of Vision Investment Management, a Hong-Kong headquartered investment firm.
Samena has also acquired including Vision Asia Pacific's investment team and USD75m in assets in a five-year closed ended fund.
Through a convertible structure, Vision intends to become a shareholder of Samena Capital and its founder Jerry Wang (pictured) will join the firm's board.
Shirish Saraf, president and founder of Samena Capital, says: 'The VAP transaction brings to life Samena's buy and build model of investment management, through which we gather premier investment teams under our umbrella and then apply our expertise and access to opportunities to achieve a step-change in their returns. Leveraging the USD50m in equity with which we capitalised our management company, we are determined to create a meaningful Asian platform which allows us to unlock the value opportunities sourced by our Samena-wide shareholder base for the benefit of those investing in our funds.'
Wang says: 'Vision believes in Samena's investment approach and value creation story and I look forward to a successful long term relationship with Samena Capital. This partnership gives us the ability to jointly explore areas of value creation for the investors of the Angel Fund and to unlock the potential value in a few exceptional asset management platforms.'
Established in February 2008, Samena Capital is an investment management group focusing on principal investments on the Subcontinent, Asia, Middle East and North Africa.
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