Citic Securities International Fund Management, based in Shanghai, launched last month a RMB-denominated hedge fund focusing on FX and fixed income reported H
Citic Securities International Fund Management, based in Shanghai, launched last month a RMB-denominated hedge fund focusing on FX and fixed income reported Hedge Funds Review last week. Entitled quite simply the CSI RMB Fund, it specializes in trading in the fast-evolving ‘dim sum’ bond market as a growing number of Chinese companies use Hong Kong to raise assets. The firm seeded the fund with USD5million and is expected to reach USD100million over the next twelve months. CSI Investment Management’s COO, Craig Lindsay, said that he believed AUM could eventually top USD1billion, adding that shorting opportunities could be presented along the way because, whilst the RMB is expected to appreciate by 5 per cent to 7 per cent annually, there could be “bumps along the road”. The Caymans fund is managed by Li Lu who previously worked as a portfolio manager in the financial markets department of the China Construction Bank before joining Citic Securities this February. UBS and HSBC are the fund’s prime brokers and minimum investment into the fund is USD1million. Hong Kong dollar and RMB share classes are also available.
