Jeffrey Yap, former head of Asian fixed-income trading at a unit of Mizuho Financial Group, is planning to launch his own credit-focused hedge fund in Hong Kong, reports Bloomberg.
Yap, who worked for Mizuho Securities Asia until May, will be joined at Ark One Ltd. by two other founding partners. They plan to open the fund to investors in mid-August, pending license approval by the city’s Securities and Futures Commission.
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Before joining Mizuho, the third-largest Japanese bank by market value, Yap ran credit investment for Singapore-based macro hedge-fund manager JL Capital Pte between 2007 and 2008.
Yap said: "We’re seeing the need for more diversified Asian home- grown credit hedge funds as the Asian fixed-income markets liberalizes further."
Yap plans to raise US$250 million for the fund by the end of its first year, inclusive of the money from the institution. Yap, as chief investment officer, will focus on the public bond investments. One of the two other founding partners will oversee private-credit investments.
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