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Multi Asset Global Investments to make a comeback to Korean hedge fund market

Collected: 2016.05.19

Distributed: 2016.05.20

Source: Go Direct

Multi Asset Global Investments Co. has thrown down the gauntlet in the fast-growing South Korean hedge fund market, aiming to introduce its hedge funds this year. It will be the second attempt for the company that has started anew as a subsidiary of the country`s leading asset management firm Mirae Asset Global Investments Co. after its former entity KDB Asset Management made an exit from the market two years ago.

According to investment industry sources on Tuesday, Multi Asset Global Investments plans to introduce hedge funds by June this year, at the earliest. It is reported to have created a special team focusing on developing and managing hedge funds after it recruited a number of hedge fund experts. “Group-wide efforts have been made to nurture the firm as an alternative investment specialist including hedge funds,” an unnamed Multi Asset Global Investments official said, adding that the company is still in discussion on the size of the new hedge fund and the timing of its introduction.

In February 2012, then-KDB Asset Management introduced two hedge funds based on a long-short strategy. But the return on the hedge funds fell by more 10 percent in less than a year after their debuts in the market. The company devoted itself to boost the return by scouting talents from outside and revising fund operation schemes, but the hedge funds were liquidated starting October 2013 after failing to lure investors and boost returns. In July 2014, the firm finally got its hands off the hedge fund business after closing down a remaining private equity fund.

By Song Gwang-sup

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