Macro-driven manager Complus Asset Management is understood to be halfway towards becoming a billion dollar fund, following strong inflows mostly from institutions and high net worth individuals.
Firm-wide assets under management at the Hong Kong-based hedge fund have grown to $550 million in just two years and three months since launch. Its flagship fund that started with just $40 million in October 2011 is now at $250 million in assets, following a 6.1% return in 2013, said sources.
Complus, which focuses on FX and rates, also manages two segregated accounts with the same strategy for institutional clients. The team has grown to 15, led by veteran manager Chester Kam, the former CIO of Alphadyne Asset Management.
The macro strategy is understood to have derived the bulk of its gains last year from rates exposure rather than FX. However, its shorts on several Asian currencies, mainly the Japanese yen, provided an additional lift to its performance in a year that was generally highly challenging for macro strategies, due to the uncertainty over quantitative easing in several major economies.
Kam, who enjoys a formidable trading reputation in the region, was the Asia Pacific head of rates and credit trading at JPMorgan, before leaving in 2006 to join Alphadyne.
He established Complus in mid-2011 with erstwhile partner Stanley Ku, formerly of Minerva Capital. Ku, however, left Complus in late 2012 under what a source described to be amicable circumstances. While there is no confirmation on his next move, talk in the market suggests that he may soon be back with a new fund launch.
Ku built his reputation in the Asian hedge fund space running the Hong Kong office of the $23 billion Fortress Investment Group.