Kenneth Lee and Michael Yoshino, former Soros Fund Management LLC Asia specialists, are planning to set up their own hedge fund firm in Hong Kong in the third quarter of 2014 with backing from HS Group.
Known as Pleiad Investment Advisors, the new hedge fund will open with more than US$150 million of seed capital from HS Group. It will invest in Asian equities with a focus on China and Japan.
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HS Group, founded in 2013 by Michael Garrow, and Johannes Kaps, who previously worked at Blackstone Group, and Goldman Sachs Group, will be offering the majority of Pleiad’s initial capital through its Sponsor Fund.
Pleiad has a capacity to potentially manage between US$1.5 billion and US$2 billion and it is the first seed capital investment of HS Group and sizes of similar investment averaged USD$25 million in Asia.
HS Group CIO Garrow said that Pleiad will have a senior team of more than six people, including two analysts, a COO and a CFO.
He added that the new firm’s strategy will feature long-term, concentrated bets on liquid stocks, using fundamental analysis and industry research.
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By GlobalDataLee and Yoshino previously worked together at Soros, Tiger Asia Management and TPG Capital.
V-Nee Yeh, chairman of HSG’s advisory board said: "Pleiad’s partners share deeply held beliefs about team culture, investment philosophy, as well as reputation and compliance. There is a concerted effort to build an enduring franchise with an uncompromising adherence to the highest ethical standards."
