Carl Huttenlocher (pictured), the former Asia head of Highbridge Capital Management LLC is aiming to raise upwa
Carl Huttenlocher (pictured), the former Asia head of Highbridge Capital Management LLC is aiming to raise upwards of USD2billion for his new hedge fund – Myriad Opportunities Master Fund Ltd. – when it opens up to outside investors on 1 December reported Bloomberg this week. Huttenlocher told reporters in Hong Kong that the fund was starting with more than USD300million and plans to close by mid-2012. Hong Kong’s financial regulator, the SFC, approved the license for Myriad Asset Management Ltd on 25 November, which along with Morgan Tze’s Azentus Capital, becomes one of Hong Kong’s highest profile hedge fund launches. It provides further evidence that the city’s hedge fund industry is fast maturing as the number of billion dollar funds steadily increases. Huttenlocher’s fund will focus on Asia Pacific-related equities, convertible and corporate bonds in addition to credit and equity derivatives.
On why he had decided to start up Myriad Asset Management, Huttenlocher was reported as saying: “I want to get back to running a small company.” Huttenlocher and a family office from outside Asia will be day one investors. Their capital will be locked up for as long as four years he said. Huttenlocher had planned to start trading in September but this was scuppered because of a complaint received by the SFC. Huttenlocher referred to the accusations (which centred on him disadvantaging redeeming investors in the Highbridge Asia Opportunities Fund) as “baseless” and a “made-up malicious attack”. He said the delay had actually benefited the team as it had now had four months working together, discussing ideas.
