Matrix Alternative Asset Management has launched its third single-strategy hedge fund, the Matrix Asia Fund, with capital of USD20m.
Matrix Alternative Asset Management has launched its third single-strategy hedge fund, the Matrix Asia Fund, with capital of USD20m. It is managed by Rupert Foster, who previously ran FM Capital’s USD370m Japan Pragmatist Fund but is now expanding his remit to the whole of Asia.
London-based Matrix says Foster’s core philosophy is to commit capital in line with conviction and that fundamental primary research is the core alpha generator. Unlike many Asian managers, the firm says, he will take the shorting skills acquired in Japan and apply them to the whole region.
‘In current market conditions, I fully expect to run a noticeable net short book,’ Foster says, noting that the fund was launched on what is widely considered in Asia to be the most auspicious date of the century, August 8, 2008. He is in the process of hiring a specialist Asian analyst and plans to hire at least one more over the next 12 months.
Domiciled in the Cayman Islands and listed in Dublin, the Matrix Asia Fund is available in sterling, US dollar and euro share classes with a minimum subscription of USD100,000. Subscription is monthly and redemption quarterly at 30 days’ notice. The annual management fee is 2 per cent with a 20 per cent performance fee. The fund’s prime broker is Morgan Stanley.
Founded in 1987, Matrix Group is active in fund management, investment banking, commercial property and principal finance, and has a staff of around 150. To date Matrix has raised more than GBP6bn for its investment products and currently has more than GBP2bn in assets under management.
