July 26, 2012 / 9:47 AM / 5 years ago

Ex-Goldman trader in Asia plans credit hedge fund

HONG KONG, July 26 (Reuters) - 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 billion.

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.

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