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NewAlpha Advisers, the Paris-based hedge fund seeding subsidiary of the leading French group ADI - Alternative Investments, has announced its ninth hedge fund seed agreement, with PegasusAsia Pte of Singapore.

The Cayman-registered PegasusAsia Fund was launched on 1 May, managed by two veterans in the Asian hedge fund industry who have worked together extensively in the past, with a combined 20 years of regional experience.

Founding Director, David Mudd, has had a long career managing Asian hedge money. Previously he worked as the Chief Investment Officer of Pegasus Fund, Executive Director of CDIB Venture Investment Hong Kong, Director and Head of Crosby Alternative Asset Management division and as a Director with Pacific Group. Mudd also worked in M&A, Loan Syndications and Sales, and as a CPA.

Fellow Founding Director, Rikki Malik, previously at Metage Capital in London, also managed funds with Mudd in Hong Kong both at Pegasus Fund and Pacific Group. Prior to this he worked as a Chartered Accountant with KPMG in London.

The original Pegasus Fund was the top-performing pan-Asian hedge fund for 2002 (according to Asia Hedge). The fund's strategy will be a continuation of that employed at Pegasus Fund, utilizing macro views on markets to generate non-correlated returns primarily using equity long/short positions. The fund focuses on the major Asian markets from Japan to Australia, with a bias on the Greater China region and how it interacts and influences other markets and economies.

NewAlpha Advisers stated: 'PegasusAsia Fund will help meet the increasing investor demand for well-diversified alpha strategies in the Asian equity markets'.

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