FCM Absolute Return Fund, Michael LienÆs event-driven hedge fund based in Singapore, has hired Janice Lim. The hire is part of the fund's plan to grow assets from $40 million to $400 million.

She joins from Lion Capital Management in Singapore, a subsidiary of OCBC, where she was an associate director with the Asian equity team. She managed Asian mandates and was portfolio manager for the Korean and Taiwan funds. These were long-only funds for unit trusts offered to retail investors. Before then she worked at GE Life Assurance Company and SMRT, where she covered Asian equity markets.

ôKorea has been neglected,ö says Lim. ôIt has been a laggard and offers opportunities for the event-driven side. The Lone Star situation did present some concerns, but the Korean government has continued with its programme of liberalisation.ö

This hire presages a greater involvement by FCM in Korean and Taiwanese markets.

Michael Lien, a former head of corporate finance at Morgan Stanley in Singapore, says, ôWe like the unfashionable markets, Taiwan and Korea, from a bottom-up perspective. Corporate balance sheets have been rebuilt. Our shortlists in those countries are growing.ö

In Korea FCM says it sees opportunities with KamcoÆs divestments of its investment interests. These companies are often already quoted, with Kamco holding majority stakes, which they are now in the course of selling. FCM sees competition to buy back these stakes from the next generation of the former owning families.