Former Tiger Asia Management employee John Jahng is believed to be making plans to launch an Asia-focused hedge fund reported HFMWeek this week.
Former Tiger Asia Management employee John Jahng is believed to be making plans to launch an Asia-focused hedge fund reported HFMWeek this week. Sources familiar with the matter say that the new firm is called Extolia Management. The fund will use a Pan Asia mandate to construct a portfolio of between 30 and 60 positions with a bias towards Korea, China and Japan. It is expected to launch with around USD50million in commitments from a pool of 10 to 20 investors. Bill Hwang’s New York-based Tiger Asia Management has been in the headlines quite a lot this year after Hong Kong’s regulator, the Securities and Futures Commission, took the firm to court for allegedly breaching local market misconduct and insider dealing rules with respect to shares of China Construction Bank back in early 2009. The SFC currently still has its horns locked with the fund manager. Jahng follows another Tiger Asia colleague into the fund management arena after Hugh Kim earlier this year launched the Greyson Asia Fund: an Asia-focused equity l/s vehicle.