Pacific Ocean Capital, a newly established hedge-fund management company in Singapore, has announced the launch of the Asia Telecom Fund. The multi-asset hedge fund starts with assets under management of $10.5 million and has an estimated capacity of several hundred million dollars.

The fund is run by CIO Tom Fuller, who most recently was Asian head of telecom-portfolio management at Citi. Tom Husted is the fund company's COO after spending eight years in banking in Asia, initially with Citi and latterly as head of corporate finance at IndonesiaÆs Bank Danamon.

This is a long/short fund that will concentrate on equity, although it may enter into other asset classes in the telecom sector. Core long telecoms holdings will be complemented by shorts on weakly positioned companies in the sector.

Anchoring the fund is US investment management firm Ram Trust services.

Fees are 2% and 20% with a high-water mark.

The prime broker is Merrill Lynch and the fund administrator is Swiss Financial Services. The auditor is Ernst & Young.