Singapore-based Stewart Asia Investment, a spin-off from Tudor Investment Corp and one of the most awaited hedge fund launches in the region this year, recently received its asset management license from the Monetary Authority of Singapore.
The approval paves the way for CIO and veteran commodity trader Andrew McMillan to launch his strategy at the start of 2014. Sources confirmed the grant of the capital markets services license from MAS and said that the fund will launch early next year.
The launch is attracting a considerable amount of investor interest from within and outside Asia.
McMillan’s fund will focus on discretionary opportunistic trading in different commodity markets including oil, natural gas, freight, power, metals and soft commodities and will predominantly trade liquid futures and options.
The group is also understood to be launching a long-only absolute return equity fund and a systematic macro fund focused on currencies. The long-only Asia equity fund will be run by Craig Mitchell, the former senior vice president of Los Angeles-based The Capital Group Companies.
Before founding Stewart Asia, McMillan was global head of energy trading at Tudor Group, running a highly profitable operation which he established for the firm. Prior to Tudor, he ran Morgan Stanley’s European power and gas and coal trading from London and also formerly working in commodities trading at Barclays Capital in London and New York, as well as in securitisation, and he also worked in treasury at Citibank in New York and Auckland.