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RMF has selected and commenced sponsorship of a Korean long/short equity start-up fund through its Hedge Fund Ventures (HFV) programme.

The Cayman Island based Pine Tree Fund was seeded with substantial capital as of October 2003.

The fund focuses on long and short opportunities in the Korean securities markets. Namuh Rhee, the principal of the investment sub-advisor, Rhee Capital Advisors, has in-depth knowledge of the Korean market, having previously established and run Samsung Securities' research group.

Rhee was also the youngest member of Samsung Securities' executive committee. His former employees include such well known firms as Peregrine Brokerage Limited, J.P. Morgan, Jardine Fleming Securities and Daewoo Securities.

Claude Porret, head of Hedge Fund Ventures at RMF, said: "This venture is the result of a committed and concentrated effort involving many members of both teams. The fund is managed by a very professional outfit with a sound business set-up and a proven track record. The anticipated development in the region made the deal very attractive to us".

The Pine Tree Fund is the eighth fund sponsored by RMF's Hedge Fund Ventures programme, the others being:

  • Westbury European Hedge Fund Ltd., a European equity market neutral fund

  • Brookville Capital L.P., a US distressed and special situations fund

  • Catalina Capital Ltd., a European relative value fund

  • Arlington Hill Debt Strategies, a US global macro fund

  • Drake Global Opportunities Fund, a US relative value and global macro fund

  • Coromandel Trend Fund, a systematic CTA fund

  • Stone Harbor Advisors, a Japanese event driven fund

Background Note: RMF is a leading provider of alternative investment solutions in Europe, specialising in hedge funds, leveraged finance and convertible bonds. RMF is headquartered in Pfäffikon/SZ, Switzerland, and also has offices in London, New York and the Bahamas. RMF currently manages USD 12.5 billion of assets.

Copyright Hedgeweek 2003

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