Today, Woori Absolute Partners is launching a fund-of-hedge-funds product with Fullerton Fund Management as its investment adviser with seed capital of $30 million. The Woori Absolute Return Investment Strategies Fund will be a global fund of funds with an Asian focus.
Woori Absolute Partners is a wholly owned subsidiary of Korea's Woori Investment & Securities that has been established in Singapore to build capabilities in alternative investments for both Korean and international investors.
The new fund is led by Edward Sungshik Moon, head of funds of funds at Woori Absolute Partners. Before founding Woori Absolute Partners, he worked at Citigroup/Salomon Smith Barney and Credit Suisse.
Woori Absolute Partners is managing the fund. Its investment adviser for the fund is Fullerton Fund Management Ltd, a long-only fund house owned by Singapore sovereign wealth fund Temasek that manages both Temasek money and third-party assets.
In February, Temasek confirmed plans to launch a hedge-fund platform called Seatown, as first reported by AsianInvestor.
The administrator and custodian for the fund is HSBC, the lawyers are Sidley Austin, Walkers and Rajah & Tann, and the auditor is Ernst & Young.