There canÆt be many Asian hedge funds that were born on LondonÆs Paddington Station, so the new Paddington Asia Fund already has one unique claim.

Stephen Hunt and Jeffrey Sacks shook hands on the establishment of their new hedge fund on the platform at Paddington Station, familiar to commuters and Devon-bound holiday-makers.

Managing partner Stephen Hunt has been in Asia for 14 years. He formerly worked as head of regional sales at Nomura Securities in Singapore. His co-managing partner Jeffery Sacks used to be the fund manager for the MPC Amethyst Fund and is running PaddingtonÆs London office.

The fundÆs strategy is Asia ex-Japan long/short, looking out for under-priced business models, with a deep-value orientation and a mid-cap bias.

The fund was launched in late 2006 and by the end of April 2007 recorded a 7% return. Net exposure is running at around 30%.

There are no lock-ups or redemption fees for investors. Management and performance fees for Paddington are 1.75% and 20%.

The fund started with assets of $15 million and has risen to $21 million.

PaddingtonÆs service providers are Merrill Lynch as prime broker, SJ Berwin as lawyers and Northern Trust as fund administrators.

The 1946 David Lean romantic drama Brief Encounter was set in the fictional Milford Junction railway station. The Paddington hedge fund looks set to be far more enduring than the affair in Noel CowardÆs screenplay.