29/07/2009
ACG Management (ACG) has launched its first hedge fund, Akito Capital, a Japanese equity fundamental market neutral strategy.
The fund is managed by Tetsuya Hamano and Koichiro Yamaguchi, of investment advisors Akito Capital Co. It will target the mid-small cap space in Japan with a portfolio of up to 200 names. ACG managing director, Yasushi Ikeda, will be responsible for trading.
The fund will launch with $15m, raised through high-net-worth investors and some funds of hedge funds (FoHF), and hopes to grow to $300m in three years.
Prior to launching the Akito fund, Hamano was a vice president at Singapore-based hedge fund, Monterey Capital Management. Prior to Monterey, he was at UBS prime brokerage sales in Japan. Yamaguchi was previously a portfolio manager at Horizon Asset International in Japan. Prior to Horizon, he was at UBS s research sales in Japan.
The average turnover of the portfolio is once a month with an average gross exposure at 200%. Average single position size is 1-5% of NAV.
Increase text sizeIt’s interesting how one deal can often summarise the tenor of the times. Last week’s rubber stamping of the Man-GLG tie-up by the former’s shareholders may have been a formality, but in the wider context of the hedge fund sector, the tenets underpinning the move are far more interesting.
Collateral management is undoubtedly a big deal for the post-Lehman investor, but, as Danny Caplan, Deutsche Bank’s head of global prime finance sales, Europe, put it this week, “not all asset segregation is the same”.
"Firms must be careful not to take their eye off the ball, as enforcement action for reporting failures is increasing in frequency and severity"
As HFMWeek prepares to launch its new fresh look, this week’s Page 4 rolls out our industry confidence survey. Polling readers on their faith in the global economy, investor inflows and the impact of regulation we hope, on a weekly basis, to build a broad picture of the psychology of the hedge fund sector.
Read MoreHave your say on the hedge fund industry by taking part in two new HFMWeek surveys
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