HONG KONG: Hong Kong-based Infini Capital Management has launched a new multi-manager investment fund from November 1, increasing competition among hedge funds in the hot multi-manager battlefield.
The Hong Kong manager also plans to expand its presence in Abu Dhabi next year.
The new flagship fund, Infini Global Master Fund, has started trading with self-seed capital from its previous proprietary fund. Infini aims to grow the fund, which welcomes external investors, to $1 billion by 2024, according to two sources familiar with the matter.
This launch comes against a backdrop of renewed investor interest in multi-manager platforms capable of deploying capital across different asset classes and aiming to generate returns regardless of economic cycles. Multi-manager funds have outperformed the broader sector in recent years.
From January to July, the firm’s previous Infini Master fund gained 20 percent, one of the sources said.
The rise of multi-manager platforms is reshaping the Asian hedge fund market, once dominated by traditional single-manager equity funds. But many have suffered from the fall in Chinese stock markets over the past two years.
Infini, founded by Tony Chin, a former Morgan Stanley banker, has seen a hiring spree this year. The fund now has between eight and 10 portfolio managers and is hiring additional staff, according to one of the sources.
On the non-business side, the company has recently held a series of senior roles at larger rivals. Jennifer Wong joined Infini in September from Pinpoint as head of international relations, Stephanie Chen joined Dymon Asia as chief risk officer, while she hired Connie Phillips as chief financial officer from BFAM and Cora Ang as Hillhouse’s general counsel and chief compliance officer.
Infini also named a new COO David Leahy, former managing director of JP Morgan.
Infini declined to comment on the details of the fund but confirmed the hiring of middle and back office staff.
In a response to Reuters, the company’s spokesperson said it plans to open an office in Abu Dhabi in the first quarter of 2024, as a first step to operating beyond Hong Kong, citing “the regulatory environment robust and sophisticated” of Abu Dhabi and its closer access to the UK and European time zones as the main reasons.
“We will share operations and resources between the two offices,” the spokesperson said.