Double Haven acquires DragonBack Capital
Double Haven Capital Management (Hong Kong) Limited (Double Haven) has acquired the hedge fund platform, DragonBack Capital Limited.
Prior to the acquisition, Double Haven had outsourced its operations, risk and other back office functions to the team at DragonBack. These functions will now all be in-house with the same team joining Double Haven. As a result of the acquisition, the Double Haven group will benefit from the new synergies and efficiencies of having a dedicated operations, risk and back-office team in-house as well as being independently licensed by the Hong Kong Securities and Futures Commission.
Darryl Flint, CEO and CIO of Double Haven, and his team intend to continue focusing on Asia credit strategies. The Double Haven Asia Absolute Bond Fund has returned 16.8% as at the end of September and the team intend to launch additional products in the coming months.
“While the credit markets in Asia have developed significantly over the last 10 years, we believe there is still much more to be done, resulting in an ever growing opportunity base as Asia shifts from its heavy dependency on the equity markets,” says Flint. “In 2012, we are witnessing an unprecedented amount of new issuance which has been easily absorbed by the market, as global bond investors shift from being underweight this asset class and dedicated Asian investors turn their focus to diversify from equities. We think this asset class offers a tremendous opportunity, and are excited to be in a stronger position to deliver a fully institutional offering to investors.”
Prior to completion of the Acquisition, all of the other non-Double Haven funds on the DragonBack platform had been wound down.