Harvard-man Jeffrey Tolk joins the Asian Debt Fund

3 Degrees Asset Management hires the former head of HSBC structured credit to focus on distressed debt and special situations.
3 Degrees Asset Management, the investment manager of the $400 million Asian Debt fund, has hired Jeffrey Tolk as principal to look at distressed debt and special situations.

He had most recently served as the Asian head of structured credit at HSBC. Before then, he worked for Moody's Investor Services as a senior credit officer. He began his career as a litigator in New York with Jones, Day, Reavis & Pogue and later with Fried, Frank, Harris, Shriver & Jacobson. He attended Harvard College and Harvard Law School.

3 Degrees has also recently hired Tannee Woot as senior marketing manager. Previously, she was an assistant manager with EDB Investments, a wholly owned investment arm of SingaporeÆs Economic Development Board.

ôPerformance for the Asian Debt Fund is plus 2% year-to-date, with no down months,ö says founder and managing director Moe Ibrahim. ôWe have outperformed our closest comparables in 2007 and again in 2008.ö The fund was up 14% in 2007.

AsianInvestor magazine has been following Asian Debt FundÆs acquisition and management of the Bintan Lagoon Resort, which we believe to be the only local holiday destination owned and operated by a hedge fund.

ôMarch 2008 was another record month for us,ö says Ibrahim. ôWe experienced record hotel revenue. The position is doing extremely well."

Ibrahim notes that Malaysia's Landmark, backed by Genting, which owns a 300-hectare plot of land on Bintan, has secured a provincial casino license for Bintan and they are confident that this will be approved by Indonesian lawmakers in May.

"Needless to say, if this happens, we're very happy, but as again, it is Indonesia," Ibrahim says. "With casinos in Macau, Singapore and elsewhere, Indonesia will need to compete and eventually this will be a reality and Bintan is in pole position.ö
¬ Haymarket Media Limited. All rights reserved.