| HONG KONG, July 26
HONG KONG, July 26 Former Goldman Sachs
managing director in Hong Kong Christopher Mikosh is preparing
to launch a credit hedge fund by the fourth quarter of this year
or early 2013, sources said on Thursday, lifting prospects for
the $127 billion industry in Asia.
Mikosh, who was a trader within the special situations group
of Goldman Sachs in Hong Kong, left the Wall Street bank at the
beginning of the year to start his own firm called TOR, said six
sources familiar with the plan.
The fund's size was not immediately known as the launch plan
was in its early stages, the sources said.
His fund will be the second significant launch coming out of
the bank in Asia in the last two years after former Goldman
trader Morgan Sze raised $1 billion in 2011 and later boosted
the assets of his hedge fund firm, Azentus Capital, to $2
Mikosh is being joined by Patrik Edsparr, former global head
of fixed income and head of European business for Citadel and
Jim Sweeney, former chief executive officer of Boyer Allan
Investment Management, which was one of Asia's biggest hedge
funds but was shut down last year.
Mikosh and Edsparr could not be reached for comment. An
e-mail to Sweeney remained unanswered. Sources declined to be
identified as the plan was private.
Credit hedge funds trade financial securities such as bonds,
credit default swaps and convertibles. The strategy was rated
the third most preferred by hedge fund investors planning to
raise allocation in 2012, according to a survey released in
February by the prime brokerage unit of Deutsche Bank.
Returns in fixed income hedge funds as measured by
Eurekahedge index stood at 3.9 percent in the first half of the
year. By comparison, Asian hedge funds were up 1.6 percent.