Oz Manager To Launch Hedge Fund
Hedge Funds of Australia, an asset management firm based in Sydney, is planning to launch an on-shore hedge fund that will make extensive use of derivatives. Spencer Young, managing director, said the firm is in the planning stages and looking for a start date in the next 12 to 18 months. Young declined to comment on a specific strategy for the fund, citing stiff competition in the Aussie market, but noted he's looking to hire three to four asset managers.
Recently, Hedge Funds of Australia launched three new products in the Aussie market. The Supercash Fund, Diversified Investments Fund, and the Strategic Investments Fund are all fund of funds and available either as hedged or unhedged products. Fx derivatives are used to hedge currency risk. The firm has about USD20 million under management, and with the launch of the new funds is adding about USD500,000 per week.