Hedge Funds Ratchet Up Their Focus On China

中国正日益受到对冲基金业的重视，目前它已取代伦敦成为最受欢迎的重点投资亚洲的对冲基金的大本营，并已取代日本成为亚洲对冲基金的主要投资目标。数据提供商Hedge Fund Research在周二的报告中说，在682亿美元的亚洲对冲基金业中，24%的重点投资亚洲的对冲基金现在都位于中国，比去年上升了5%以上。Hedge Fund Research总裁海因茨(Kenneth Heinz)说，希望在今年和未来几年获得增长的投资者正在把资产配置到重点投资亚洲的对冲基金中。Hedge Fund Research还称，位于中国的重点投资亚洲的基金数量已经超过了总部位于英国的同类基金，正在接近位于美国的重点投资亚洲的基金数量。投资于基金的多策略上市基金Castle Alternative Invest的总经理怀特(Mark White)说，中国日益受到欢迎在很大程度上是由于在香港成立的基金。他说，在中国大陆很难获得基金执照，因此基金公司都在香港注册总部，而将研究部门设在了内地。他说，将大部分业务转移到亚洲正逐步成为这类基金的趋势。不过，直到最近，伦敦在保持基金的数量方面还做得出人意料的成功。与此同时，根据LGT Capital Partners的统计，中国也显示出越来越大的地区主导力量。LGT是伦敦一家大型投资机构，投资了不少重点投资亚洲的对冲基金。LGT发现，自去年底以来，越来越多以亚洲为重点的对冲基金都将主要投资目标转向了中国，而非日本。他说，鉴于日本是全球第二大经济体，并且已有50年的自由市场，我们曾预计中国不会很快超过日本。他说，重点投资中国的对冲基金最多只成立了10年。Hedge Fund Research称，重点投资亚洲的对冲基金在今年第二季度的业绩是近10年来最好的，增长了18.9%，总计68亿美元。Hedge Fund Research称，重点投资中国的基金上涨了19.8%。它们3年期间69%的回报率同中国股市77%的涨幅基本一致。新加坡大学金融学副教授Melvyn Teo在本年初发表的研究报告中称，进入当地的重点投资亚洲的对冲基金比没有进入当地的竞争对手平均每年领先3.7%，原因之一在于位于亚洲的基金公司可以更便捷地获得当地的信息。David Walker相关阅读境外私募股权公司接连设立人民币基金 2009-08-18中国加快制定私募基金管理规定 2009-08-17百仕通筹划在华建立50亿元私募基金 2009-08-14中国私募股权基金GP Capital成立 2009-08-05中投借大摩和百仕通试水对冲基金 2009-07-31外资基金A股退出曙光重现 2009-07-28


China is making its presence felt by the hedge-fund industry, replacing London as the most popular base for Asia-focused managers and replacing Japan as the focus for Asian hedge funds.Data provider Hedge Fund Research said in a report Tuesday on the $68.2 billion Asian hedge-fund industry that 24% of Asia-focused hedge funds now are located in China, a rise of more than 5% from a year ago.'Investors looking to access growth this year and in coming years will be allocating to Asia-focused hedge funds,' said Kenneth Heinz, HFR president.HFR added: 'The number of Asia-focused funds based in China has surpassed the number headquartered in the U.K. and is approaching the number of Asia-focused funds located in the U.S.'Mark White, general manager of Castle Alternative Invest, a multistrategy listed fund of funds, said that China's growing popularity was largely thanks to funds opening in greater China, namely Hong Kong.He said gaining licenses to manage one on the mainland is difficult, so managers are registering headquarters in Hong Kong and opening research branches on the mainland.'The trend is gradually for them to move toward most of them being based in Asia,' he said. However, 'London has been surprisingly successul until very recently in terms of retaining the numbers here.'Meanwhile, China also showed its growing regional dominance according to statistics from LGT Capital Partners, a large London investor that numbers Asia-focused hedge funds among its investments.LGT found that, since the end of last year, more Asia-centric hedge funds have focused on China than on Japan.'Considering Japan is the second-largest economy in the world, and has had a free market for five decades, we wouldn't have expected China to overtake so quickly,' he said. He added that China-focused hedge funds have been around for 10 years at most.Asia-focused hedge funds had their strongest performance in nearly a decade during the second quarter, said HFR, gaining 18.9%, or $6.8 billion.Funds focusing on China made 19.8%, HFR said. Their 69% return over three years broadly resembled 77% from Chinese stocks.Melvyn Teo, associate professor of finance at Singapore University, found in research published earlier this year that Asian-focused hedge funds with a local presence beat rivals without such a presence by 3.7% a year, on average, partly because managers based in Asia could exploit local information more rapidly.David Walker