NewAlpha Asset Management and Woori Absolute Partners (WAP), the Singapore-based alternative investment arm of Woori Investment Securities have teamed up in a joint venture venture to launch a seeding vehicle focusing on the Asia-Pacific region.
Targeting primarily European and Asian institutional investors, this new investment fund will be registered in Singapore and will invest in the funds offered by the most talented emerging managers. Like the other investment vehicles managed by NewAlpha AM, this seeding vehicle will allow investors to benefit form the growth of the seeded managers thanks to a scheme that aligns each party interest.
WAP is based in Singapore and operates with an exempt fund manager status under regulation by the Monetary Authority of Singapore. WAP serves as an alternative investment platform for Woori Investment Securities, which is listed on the Korean Exchange (KRX) and is an affiliate of the Woori Financial Group, which is listed on the KRX and the NYSE. The Woori Financial Group is Korea’s largest financial concern by total combined assets. WAP currently manages an open ended fund of hedge funds vehicle, Woori Absolute Return Investment Strategies Fund. Mr. Edward S. Moon co-founded WAP and serves as its Chief Investment Officer.
Recognized as one of the few pure players in emerging managers seeding, NewAlpha AM has recently achieved the initial closing of its 4th vintage seeding vehicle with $160m, which will be deployed into emerging managers in 2011/2012.
WAP and NewAlpha AM are both co-seed investors in the Singapore based Asian credit hedge fund, Blue Rice Investment Management (BRIM). This common investment has provided both firms with a positive step towards establishing this new collaborative investment venture. Both firms believe the synergies produced by the joint partnership will represent a unique offering to emerging managers as well as to investors.
