London-based Galena Asset Management, a subsidiary of privately owned Trafigura Group – one of the world’s largest independent commodity trading companie
London-based Galena Asset Management, a subsidiary of privately owned Trafigura Group – one of the world’s largest independent commodity trading companies with a footprint in 45 countries – has applied to Singapore’s monetary authority (MAS) to operate as an exempt fund manager. Galena has had a presence there since 2009 when it decided that capitalizing on the growing influence of Asian markets on commodity assets would be best achieved on the ground, rather than from London. In what has been a steady yet successful period, Galena has now decided that the time is right to be registered as a discretionary investment manager in Singapore. The “Lion City” clarified its regulatory framework in April, essentially giving fund managers the choice as to whether or not to be registered provided they told MAS via written notification: unlike in Hong Kong where all funds must be registered with the SFC. To be eligible for exemption, however, still requires fund managers to tightly adhere to certain conditions such as maintaining a minimum base capital of SGD250,000. Galena has around USD1.3billion in AUM spread across six hedge funds and long-only strategies. It will be competing for assets with already established Singaporean commodity hedge funds such as Jason Wang’s Iridium Alpha Fund (a commodity-orientated equity hedge fund) and Aisling Analytics’ USD1.2billion Merchant Commodity Fund – one of Singapore’s biggest hedge funds. Galena’s CFO, Gerard Lynch, said that the move to establish an office in Singapore reflected the jurisdiction’s growing importance as an “investment and commodities hub”.
