Investcorp and WMG, two alternative investment groups, have joined forces to launch a hedge fund that will focus on a long/short equity strategy in Asia.
The joint venture, to be called WMG Asia, will be based in Hong Kong. WMG are setting up a subsidiary office to house the hedge fund, while Investcorp is contributing proprietary capital to finance the venture. The two groups will share responsibility for risk management and marketing of the fund, which will be run by WMG’s Lena Tan, described by Investcorp as “one of the most highly regarded hedge fund managers in Asia”.
Investcorp’s hedge funds unit, one of its five core divisions, manages about $5 billion of assets, including about $2 billion of its own funds. It has also been backing hedge fund managers in emerging markets for ten years, as an additional offering for its institutional client base.
WMG is a UK based alternative investment platform set up by Mehmet Dalman. It provides clients with wealth management services, including access to single strategy hedge funds.