Tue, 22/04/2008 - 07:00
Red Kite Management, which specialises in investment in the metals markets, has announced that it is in the final stages of launching a new product under the name Hong Feng Zheng, the Chinese translation of Red Kite.
The Hong Kong-based investment advisor and manager to the new fund, HFZ Capital Management, will trade a number of strategies across both futures and equity markets, with a particular focus on opportunities in the Asian region.
Red Kite is also launching the Red Kite Explorer fund, which will work with mining companies in structuring mezzanine finance and metal off-take agreements. The fund will be managed by Sydney-based Red Kite Australia.
In connection with the Hong Feng Zheng fund, the Hong Kong Securities and Futures Commission has granted HFZ Capital Management an asset management licence. Red Kite Australia is regulated by the Australian Securities and Investments Commission.
As a result of a long-standing commercial relationship between the two entities, the Maike Group, a Chinese metals trading businesses and copper importer, has supported Red Kite by providing assistance in staffing of HFZ Capital Management. The two companies aim eventually to develop what would be one of the first commodities investment joint ventures between a Western asset management group and a Chinese company.
Red Kite says the planned launches of the Hong Feng Zheng and Red Kite Explorer funds represent important new steps by the group to develop its investment platform by expanding its presence in mine finance, natural resource equities and derivatives trading within the Asian time zone.
Red Kite, which has offices in London, New York, Hamilton (Bermuda), Hong Kong and Sydney, manages a diversified group of investment strategies focusing on industrial and precious metals markets, drawing upon proprietary information flows sourced through the group's operation of a significant physical metals business.
Founded in 2005, the firm manages the Red Kite Metals fund, which gained 188 per cent the following year, but suffered heavy losses in early 2007 as copper prices fell, according to Bloomberg. However, Red Kite defied expectations of its collapse and this Red Kite Metals fund gained more than 15 per cent in January and 20 per cent in February.
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