Mirae Asset Global Investments, a Korean asset manager and one of Asia&rsqu
Mirae Asset Global Investments, a Korean asset manager and one of Asia’s largest independent financial services groups, is believed to be planning a move into the Hong Kong hedge fund market reported the Financial Times this week. Despite already running “quasi” Korea-domiciled hedge funds managed in Hong Kong, Mirae Asset Global Investments (HK) chief executive Woong Park said the group was looking into setting up a full-blown hedge fund business in Hong Kong. He said that a multi-asset fund and an Asia equity l/s fund were in the pipeline. Korean investors would be targeted provided regulatory changes allowing Korean companies to use leverage and shorting come to fruition before year-end. Whilst the number of start-ups in Hong Kong is down this year, the overall quality is higher. Some question just how strong investor appetite for these products actually is, not helped by the fact that Asia ex-Japan hedgies are down -4.75 per cent YTD according to Eurekahedge. Christophe Lee, chairman of Aima’s Hong Kong chapter, is bullish though and was quoted as saying: “There’s been much stronger inflow and interest in Asian/Hong Kong hedge funds in 2011 compared to the past two years.” Park said that the motivation was not only to get a foot in the door in China but also because he had high expectations for Brazil.
