Ex-Goldman, Noble top traders to set up Asia hedge fund: source

Mon Feb 10, 2014 1:26am EST
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By Nishant Kumar

HONG KONG (Reuters) - Two former top traders at Goldman Sachs and Noble Group are planning to form a hedge fund in Asia, a source with knowledge of the matter said, in another high profile launch in the region.

The fund's creation comes as global regulatory changes restrict banks from trading with their own money, forcing so-called proprietary desk traders to strike out on their own.

It also comes as investor interest in hedge funds in Asia makes its strongest comeback since 2007 and on the back of the industry's strong performance in 2013.

Leland Lim, who was the co-head of macro trading for Asia Pacific ex-Japan at Goldman Sachs Group Inc (GS.N: Quote), is teaming up with Allan Bedwick, the former head of macro trading in Asia for Noble Group (NOBG.SI: Quote), to launch a macro hedge fund in the second or third quarter of 2014, the source said.

Lim, who joined Goldman in New York in 1997 on the foreign exchange options desk, retired last month from the Wall Street bank, while Bedwick quit the Singaporean commodities firm in January.

Lim moved to Asia in 1999. Prior to becoming the co-head, he managed Asia Pacific ex-Japan foreign exchange and interest rate derivatives trading, according to an internal memo sent to Goldman staff announcing his retirement.

The source could not estimate the start-up capital as the plan was at an early stage and the duo has yet to register the firm in Hong Kong.

Asian hedge funds returned an average 16 percent last year, outperforming a less than 10 percent gain by global peers and attracted net inflows of $11 billion in 2013, the highest since 2007, according to data from industry tracker Eurekahedge.   Continued...