Sydney-based fund manager Hedge Funds of Australia, with AUD75 million (USD41.7 million) under management, is considering launching an onshore hedge fund next year that will look to use over-the-counter derivatives. "It's still the early days," said Spencer Young, managing director, noting that HFA is still in the planning stages. However, the firm is considering bringing an in-house managed fund to Australian investors. Young continued that such a fund would likely use OTC products, such as equity derivatives, but noted that it was too early to comment about specific products or strategies it would employ. A tentatively scheduled start date is the first quarter of 2003, noted Young.
The fund manager currently offers a number of fund of fund products, as well as a domestic long/short equity fund, managed by Suncorp Metway Investment Management, which owns a 50% stake in HFA.
