Former Permal Managing Director Plans Asia Fund of Hedge Funds
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Steve Zhang, a former head of emerging markets investments at the Permal Group, plans to raise as much as $40 million by February for his own company to invest in hedge funds in the Asia-Pacific region.
Zhang’s Pacrise Investment Management is awaiting approval from the Monetary Authority of Singapore to start the fund, he said in a telephone interview from the city-state yesterday. It will invest in five to 10 hedge funds initially.