Goldman, Ex-Mirae CIO to launch Asia long/short hedge funds

Reuters
A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange
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A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. REUTERS/Brendan McDermid

By Nishant Kumar

HONG KONG (Reuters) - Goldman Sachs Investment Partners and Cong Li, the former chief investment officer of Mirae Asset Global Investment (Hong Kong), are preparing to start separate Asian hedge funds as fund launches gather pace in the second half of the year in the region.

Goldman is raising money for Oryza Capital, an Asia-focused long/short equities hedge fund it set up this month, according to a document seen by Reuters. The fund has initial capital of $80 million, the document showed.

Oryza's 14-member team is led by Goldman partners Hideki Kinuhata in Tokyo and Hong Kong-based Ryan Thall who will focus on mid and large-cap stocks, the document showed.

A Goldman Sachs spokeswoman declined to comment.

In a separate development, Cong Li is setting up Zenas Capital Management in Hong Kong and will invest in Greater China stocks, a hot performing region for hedge funds this year. Li left Mirae in July where he managed more than $9 billion.

He told Reuters that he will launch the fund in mid-October and expects to raise more than $100 million in the next year.

Li is among the first generation of Chinese fund managers, dating back to 1998 when China's mutual fund industry started. He moved to Mirae Asset in 2006 from Hamon Investment Group in Hong Kong. Before that, he worked at Hua An Fund Management Company in Shanghai between 1998 and 2003.

Jason Jin, a junior portfolio manager and investment analyst at Mirae Asset, has also joined Li.

The MSCI China share index fell 7.6 percent through August of this year. Yet hedge funds investing in China shares gave an average return of 8.8 percent during the period, according to data from industry tracker Eurekahedge, raising hopes for capital inflows into such funds.

"The concern on China is overdone," Li said, adding a correction in Chinese shares has made them attractive.

Bloomberg earlier reported the launch plans of Oryza Capital.

(Reporting by Nishant Kumar; Editing by Matt Driskill)

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