Asia gets new $1 billion hedge fund

Hyder Ahmad, the former co-head of Goldman Sachs Asia securities, and the man responsible for risk arbitrage in its Asian equity proprietary trading department, has launched a new hedge fund that may be the biggest debut in the region. Market sources say he was the third-highest ranking executive in the firm's securities arm.

The new hedge fund, named Broad Peak, is based in Singapore. Its strategy is multi-strategy and event driven, and its geographical reach is pan-Asia including Japan.

The fund has been launched with a team of twelve. It is being led by Hyder Ahmad and his COO is Michael Moore who is also a former employee of Goldman Sachs. The firm is reportedly scouring the markets for equity traders.

At this stage, Broad Peak executives are reluctant to provide additional information or comment on the fund's investment style, return targets or service providers.