Haye Chan, the former senior portfolio manager and head of
research at SAFE Investment Company, the investment arm for
China's $3.5 trillion foreign exchange reserves, is launching
his own hedge fund vehicle later this year.
Chan, a veteran investor in distressed investments, fixed
income and equities who was senior portfolio manager of the
flagship portfolio at SAFE Investment, resigned from his post
in June this year.
His new firm, Agamemnon Capital, is now preparing to launch
a global event-driven special situations fund that will deploy
a strategy largely similar to that which Chan pursued at the
Hong Kong-based arm of the Chinese sovereign wealth fund,
sources told AsiaHedge.
SAFE Investment is a private company that manages China's
huge foreign exchange reserves for its parent, the State
Administration for Foreign Exchange - which itself regulates
foreign exchange-related activities in the mainland.
It invests in a variety of instruments including foreign and
domestic equities and fixed income securities and its key
objectives include delivering returns on its investments,
diversifying holdings and reducing China's exposure to
fluctuations in the value of the US dollar.
Chan has named his firm after HMS Agamemnon, the 64-gun ship
captained by Lord Nelson for the British Royal Navy. It was
Nelson's favorite among all the ships he commanded and saw
service in the American Revolutionary, French Revolutionary and
The ship itself was named after Agamemnon, the mythological
ancient Greek king who commanded the Greeks during the Trojan
While his new firm has yet to appoint key service providers,
including prime brokers, Chan's initiative is already
generating a significant buzz among hedge fund allocators.
Regional investors describe the planned vehicle as one of the
most hotly-anticipated hedge fund launches in the region this
Before joining SAFE in May 2008, Chan honed his investment
skills at Kamunting Street Capital - the Connecticut-based
credit-focused hedge fund founded in 2004 by Allan Teh, a
former director at Citigroup's Tribeca Global Investments hedge
At the firm, he was mostly focused on distressed investments
and credit - operating in all types of instruments across the
capital structure including convertible bonds. In 2005-2006,
however, he directed his attention to Asian equities in an
opportunistic move sparked by the massive equity bull run that
was then sweeping equity markets across the region.
He left Kamunting Street briefly in early 2007 to join
Jeffrey Altman's Owl Creek Asset Management and to help the
group establish an Asia-focused fund in Hong Kong.
Chan, who is a computer science graduate from Cornell
University and with a master's degree in operation research to
boot, is understood to have done well at Altman's group despite
his brief stint there. He nonetheless decided a few months
later to quit the firm and return to Kamunting Street, where he
stayed until 2008 before his move to SAFE.