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AIMS Asset Management, one of the first foreign fund management companies to be licensed in Malaysia in 1996, is launching a long/short greater China equity fund in this month, adopting the strategy and style of a structured product managed by AIMS that achieved annualised returns of almost 25 per cent between July 2003 and the end of last year.
The AIMS Absolute China Certificate, which was listed on the Stuttgart stock exchange and had more than USD80m in assets under management, was offered by ABN Amro to German retail investors in a structure enabling them to invest in a single-manager hedge fund strategy.
The involvement of AIMS Asset Management as investment adviser to the Absolute China Certificate was discontinued by the Dutch bank in December 2006 following the departure of Christofer Rathke as a principal of the asset manager.
The AIMS Absolute China Fund, which is targeted at institutional investors, will be managed by Terry Wainwright, who was the
manager of the certificate, and Thomas Lim through a new Singapore-based subsidiary of AIMS, Altasia Capital. Wainwright, who began managing Asian equities as a proprietary desk trader in Hong Kong in 1994, has also managed Asian equity portfolios for Germany's Deka and HypoVereinsbank.
The fund is being seeded internally, though AIMS says it is in talks with investors about early-stage investment. UBS has been appointed as prime broker, while Citco is the fund administrator. There is a 1.5 per cent management fee and a 20 per cent performance fee subject to a high water mark of the previous year-end high.
David Crichton-Watt originally established Asian Investment Management Services in Hong Kong in 1982 as a fund management and advisory business. AIMS was established in its present form in Kuala Lumpur in 1996.
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