Schroders' NewFinance Capital opens Hong Kong office

NewFinance Capital, a London-based fund of hedge funds manager acquired by Schroders last year, has opened a research office in Hong Kong in order to benefit from opportunities in the Asian hedge fund market, with senior analyst Thor Monsen moving to Hong Kong to head the firm's operations there.

'The Opus funds managed by NewFinance Capital already have sizeable allocations to Asian hedge funds,' Monsen says. 'We need to be close to our funds, and we need to follow the many new exciting opportunities in Asia closely.'

Add the firm's co-chief investment officers Marc Hotimsky and Georges Saier: 'We are delighted to have a team in Hong Kong. The Asian hedge fund market is absolutely key for our funds, and it is essential to be closer to the action.'

Founded in 2002, NewFinance Capital has 45 staff at offices in London, New York, and Hong Kong and managed USD4bn at the end of March 2007 in multi-strategy specialist funds of hedge funds and segregated accounts for institutional clients, private banks and high net worth individuals.

Schroders completed the acquisition of NewFinance Capital last May, for USD101m plus USD41m contingent on meeting revenue targets, merging its existing funds of hedge funds business into the company to create a global funds of hedge funds business headed by the three managing partners of NewFinance Capital, Hotimsky, Saier and Thorkild Juncker.

Schroders had assets of USD259.5bn under management at the end of March for financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.

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