Former Soros Manager Said to Seek $750 Million for Macro FundBei Hu
Dai Jixin, a Hong Kong-based alumnus of Soros Fund Management, is seeking as much as $750 million for a global macro hedge fund, said people with knowledge of his plans.
Dai recently opened his Trigram Global Macro Fund to international institutions for the first time, said the people, who asked not to be identified as the information is private. The fund started trading in July 2013 and managed $284 million for Dai and his partners at the end of March. Dai declined to comment on his fund.
Asia-based macro hedge-fund managers, who seek to profit from trends in equity, credit, currency and commodity markets, are looking for trading opportunities as China moves to increase international use of its currency and open its financial markets wider to foreign investors.
The country this month made it easier for foreign central banks, sovereign wealth funds and global financial organizations to trade in its interbank bond market, after government intervention when the stock market tumbled raised doubt about its commitment to reforms.
Trigram returned 9.2 percent in the first quarter this year, the latest number available, said the people. It made almost 22 percent last year and was up 3 percent in 2013.
Dai joined Soros Fund Management in 2001 and left in late 2012 when the company returned client capital to become a family office. He relocated from the New York headquarters in 2010 as a fund manager and responsible officer of its Hong Kong unit, according to an official biography.
He set up Xin Tian Fund Management Co., his own Hong Kong hedge-fund firm, in January 2013.
Even as macro-economic policies have swayed markets in recent years, hedge funds betting on such trends accounted for 7.2 percent of Asian industry assets at the end of March, while stock-focused managers continued to dominate with a 64 percent share. Globally, macro managers commanded 19 percent of industry assets, according to data from Chicago-based Hedge Fund Research Inc.
The region has seen the emergence of a few large macro managers in recent years, including Graticule Asset Management, led by Singapore-based Adam Levinson, which had $4 billion of assets by March, and Dymon Asia Capital (Singapore), which oversaw $3.5 billion under the leadership of former Citadel and Goldman Sachs Group Inc. traders Danny Yong and David Chan.
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