Former ICBC Credit Suisse All-Stars Launch China Hedge Fund

Sandra Kilhof

10 December 2013

Two former portfolio managers of , founded by Kang Hao, the former head of investment for ICBC Credit Suisse Hong Kong and portfolio manager Jimmy Weng, will start trading by end of this month and aims to raise about $100 million next year. The hedge fund will trade Chinese shares listed in Hong Kong and the United States.

The launch comes after last month's government decision, where China unveiled its boldest economic and social reforms in nearly three decades to put the world's second-biggest economy back on due course.

Weng told the news service that “while investors need to wait for the reforms to take place, sentiment has improved and may boost fund flows into China”.

“Earnings growth is still strong, GDP growth is still over 7 per cent and you have a rerating potential,” Weng said.

ICBC Credit Suisse Asset Management is a joint venture between Industrial and Commercial Bank of China and Credit Suisse.

Hao and Weng have initial capital of $20 million from friends and family, institutions and senior management at their previous firm, Weng told Reuters, adding they were in talks with ICBC Credit Suisse to be a potential investor in their fund.

Hao and Weng, managed more than $500 million in funds at ICBC including a mandate from China's National Social Security Fund just before setting up their own firm earlier this year.