PineBridge JV fund eyes China investors
Manama, May 2, 2013
US-based CICC Investment Management and PineBridge Investments have announced the launch of the first global fund of hedge funds targeting qualified Chinese investors.
The launch of the global fund of hedge funds demonstrates the strategic decision of China International Capital Corporation, the parent of CICC Investment Management, to expand its investment management business globally.
PineBridge and CICC Investment Management (USA) have both invested proprietary capital to seed the fund and ensure alignment of interests with investors.
CICC Investment Management (USA) serves as the fund's investment manager and PineBridge as its sub-advisor. CICC Investment Management (USA) will leverage its resources in Beijing and New York.
"This fund, available to qualified Chinese investors, is further proof of PineBridge's ability to meet investor demand for innovative and specialized alpha-orientated solutions across asset classes," remarked Talal Al Zain, the CEO of PineBridge Investments Middle East.
"Our integrated global investment platform allows for the easy flow of investment ideas and innovation between all our regional offices. Following the establishment of our Mena headquarters earlier this year, PineBridge Investment Middle East is increasingly serving as a link between global investors," he stated.
The Fund, said Al Zain, intends to invest in a diverse range of hedge funds globally across equity long/short, event driven, global macro/CTA, and relative value strategies.
"Potential managers of these hedge funds are expected to have outperformed HFRX, with proven track records and assets under management ranging from the hundreds of millions to billions of dollars," he noted.
"The Fund aims to generate attractive risk adjusted returns with low volatility and low correlations with the broad markets. Investors in the Fund will benefit from exposure to successful hedge funds globally through a diversified portfolio supported by CICC’s direct market investment experience and PineBridge’s 30-year history in hedge fund investing," added Al Zain.
The PineBridge Hedge Fund Solutions team is primarily based in New York, London and Hong Kong.-TradeArabia News Service
More Finance & Capital Market Stories
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch