York Capital to spin off $2.7bn Asia hedge fund business

hedge mazeUS alternative investor, York Capital Management, is set to create a new Asian-based hedge fund business after announcing plans to wind down its various hedge funds to focus on private equity. The news came in a letter to investors written by billionaire chief executive Jamie Dinan that stated “2020 has been a year marked by tremendous upheaval and disruption”, adding that York “is not immune to the shifts occurring beneath our feet”. While some of York Capital’s European hedge funds will be liquidated, the Asia unit will be launched in 2021 under a new name, MY Alpha Management, and with US$2.7 billion in assets. The funds will be managed by York Capital’s current Asia team, based in Hong Kong and led by chief investment officer, Masahiko Yamaguchi. Mark He, currently co-portfolio manager and head of Greater China, will be promoted to a partner at the new company while York’s global director of operations, Kevin Carr, will become MY Alpha’s chief operating officer. The move would be one of the largest and most profile Asian hedge fund spin offs by an international firm. York has more than $15 billion of assets under management. It also comes against a backdrop of tough conditions for hedge funds globally due to the negative impact of the coronavirus pandemic. It is likely that 2020 will see the fewest new hedge funds for 20 years, according to data from Hedge Fund Research. © 2020 funds global asia

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