The in-house hedge fund of US banking giant Citigroup Inc is planning to expand its Asian operations by hiring more money managers and opening a Shanghai office, its chief told Reuters.
Tribeca Global Management LLC, which has about $1.8 billion in assets under management, sees Asia as fertile ground for trading strategies that in some cases would offer far lower returns in the United States and Europe.
"Asia has very attractive markets to trade right now pretty much across the board. You have a lot of markets at all-time highs underpinned by strength in many of the economies in the region," said Chief Executive Tanya Styblo Beder.
"There is certainly greater volatility of the instruments on a relative basis to some of the other markets around the world, and that is quite appealing in terms of portfolio construction," she said in an interview late on Tuesday. Hedge funds aim to generate returns regardless of whether markets rise or fall.
Tribeca was launched in mid-2004 as part of Citigroup Alternative Investments, which also holds the bank's private equity and real estate operations.
The fund manages about $1.5 billion of the bank's own capital, but opened to outside investors in December. Beder believes it has the capacity to manage up to $10 billion, and would like to see it reach that level by the end of the decade.
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