Citi veterans target $1.5 billion with new Asia hedge fund

Three recently departed executives of Citigroup’s Global Special Situations Group have announced plans to launch a new hedge fund. Initially they are to be based in Hong Kong, with plans to expand into Singapore.

They launch the fund at the end of July at an asset level that they predict will be $50-100 million, although if talks with strategic investors are fruitful, they may launch with up to $200 million. The managers say, however, that the strategy has a capacity of $3 billion without leverage, and are targeting the fund to reach up to $1.5 billion.

The fund will ...