The AIFMD Third Country Passport – An Update

September 2016 | Monica Gogna, Michelle Moran, Anand Damodaran, Matthew Judd and John Young, Ropes & Gray

The European Securities and Markets Authority (ESMA) published on 19 July 2016 its final advice to the European Commission (the Commission) on the extension of the marketing passport under the Alternative Investment Fund Managers Directive (AIFMD) to 12 non-EEA countries, including the United States. This note is intended to highlight ESMA’s advice to the Commission and set out the steps firms would need to consider when applying for a third country passport.

Interview with Christopher Peck, Partner & Portfolio Manager at Maiora Asian Structured Finance Fund

March 2016 | Eurekahedge

Christopher Peck has been in the industry with 16 years of experience in Japan and Singapore and currently focuses on resources and mezzanine debt at Maiora Asset Management.

Singapore: Too little too late?

January 2016 | Vineeta Tan, Islamic Finance News

Singapore’s prowess as a global financial hub is undeniable and while there have been efforts made to position itself in the Islamic financial markets, these have not translated into the success story many have hoped for. Vineeta Tan provides a breakdown of the Lion City’s Islamic finance ecosystem.

Interview with Christian Stauffer, CEO at EuroFin Asia Group

April 2015 | Eurekahedge

Founded in 2003, EuroFin Asia Group is an independent specialty finance house offering investment opportunities across the capital structure spectrum, with a focus on real economy businesses and is located in Singapore and Geneva. With 25 years experience in trade finance, structured finance and commodities trading, get a flavour of commodity trade finance with Christian Stauffer, CEO at Eurofin Asia Group on how the structural aspects of financial trading funds offer growing opportunities in the Asian banking ecosystem despites the regulations most recently brought by Basel III.

Singapore: Opportunities for Islamic Finance

October 2014 | Rebecca Simmonds, Islamic Finance News

Singapore is the only country with a non-Muslim majority in the top 15 countries for Islamic finance according to the Monetary Authority of Singapore (MAS), and is ranked first by the World Bank on its Doing Business Ranking 2014. Rebecca Simmonds assesses the opportunities for the city state’s development of Islamic finance.

The Billion Dollar Interview with Quantedge Global Fund

August 2014 | Eurekahedge

Founded in 2006, Quantedge is a quantitative global macro hedge fund with offices in Singapore and New York.

Hedge Funds in APAC: Legal and Regulatory Treatment

March 2014 | Gareth Pyburn, InsightLegal Asia Consulting

There continues to be great interest in and steady growth of hedge funds in APAC, which is driven by both market and regulatory factors. Hong Kong and Singapore remain the two most competitive jurisdictions in terms of attracting funds and fund managers; however, each has its own particular strengths and disadvantages. InsightLegal Asia Consulting specialises in ‘clarifying complexity’ and below we provide some guidance on how regulatory initiatives in Asia-Pacific are affecting the development of different types of fund and hedge fund structures in APAC.

Interview with Osamu Yamashita, CEO at SRF Group Pte. Ltd.

February 2014 | Eurekahedge

The firm, SRF Group Pte. Ltd., was founded in Singapore and is responsible for the investment decisions of SRF Germinate Fund as an investment manager. The firm currently operates in Singapore as a Registered Fund Management Company (RFMC) under the requirement to hold a capital markets services licence to carry on business in fund management pursuant to the Securities and Futures Regulations.

Interview with Talib Dohadwala, Partner & Portfolio Manager at Integral Capital Private Limited

January 2014 | Eurekahedge

Integral Capital Pte Ltd is a Singapore-based independent boutique fund management company. It is founded and wholly owned by its three principals, who have approximately 60 years of combined Asian investing experience. The firm operates as a Registered Fund Management Company (RFMC) under the Securities and Futures (Licensing and Conduct of Business) Regulations [SFR] in Singapore. Integral Capital specialises in the equity markets in the Asia Pacific region, and currently is the manager of the Integral Asia Value Fund.

The Next Frontier: Islamic Funds in Singapore

June 2013 | Yeo Wico and Suhaimi-Zainul Abidin, Allen & Gledhill Singapore

Singapore has already developed an enviable reputation as a global fund management hub. Yeo Wico and Suhaimi Zainul-Abidin discuss the new regulatory and tax approaches being adopted to encourage the growth of Islamic funds in the country

The Billion Dollar Interview: Adam Levinson, Fortress Investment Group

June 2012 | Eurekahedge

Fortress Investment Group manages US$47 billion in variety of strategies, primarily focused on alternatives. Two hedge fund strategies – Fortress Asia Macro Fund and Fortress Convex Asia Funds are run out of Singapore.

Islamic Finance in a Non-Muslim Jurisdiction: Singapore as a Case Study

March 2012 | Yeo Wico and Suhaimi Zainul-Abidin, Allen & Glenhill

Yeo Wico and Suhaimi Zainul-Abidin discuss Singapore as a case study offering the potential for Islamic finance to flourish in a predominantly non-Muslim country.

Hedge Fund Manager Regulation: Singapore to Catch Up with Hong Kong

February 2012 | Rolfe Hayden and George Hankey, Simmons & Simmons

In the blizzard of increased regulation from the United States and European Union, in particular the Dodd Frank Wall Street Reform and Consumer Protection Act and the Alternative Investment Fund Managers Directive (AIFMD), Asia’s two competing international financial centres – Hong Kong and Singapore, have traditionally taken different approaches to the further regulation of hedge fund managers. In the former, since the enactment of the Securities and Futures Ordinance (SFO) in 2003, no exempt status has been available. In the latter, there has long been an exemption for hedge fund managers. In the Special Administrative Region, since the global financial crisis the licensing regime has remained unchanged while in the ‘Lion City’ the regulatory regime is undergoing fundamental reform

The Billion Dollar Interview: Michael Coleman

July 2011 | Eurekahedge

Mr Coleman, together with his partner Doug King, founded Aisling Analytics in 2004, a Singapore-based commodity focused hedge fund manager. Aisling's flagship product is The Merchant Commodity Fund which launched in June 2004. A proprietary commodity trader since starting work in 1982, Mr Coleman worked for Cargill for 19 years in a variety of commodity trading and trading management positions. In 2001, Mr Coleman in conjunction with Marubeni founded U Derivatives where he was Chief Operating Officer until April 2004. Mr Coleman has been based in Singapore since 1984. A UK citizen, Mr Coleman was born in St. Helens Lancashire and is a Director of St. Helens Rugby League Football Club. He studied at Exeter College Oxford where he attained a BA in Natural Science (Geology).

Singapore Strengthens its Fund Presence

November 2010 | Yang Eu Jin and Tan Choong Leng, KhattarWong

FMCs are currently divided into two categories: licensed FMCs and exempt FMCs. All FMCs must apply to the MAS for a capital market services (CMS) licence, unless they fall under an exemption in the regulations under the Securities and Futures Act (SFA), which is the principal legislation governing FMCs and other financial institutions in Singapore. A key exemption that is frequently used caters to FMCs with no more than 30 qualified investors. If an FMC is unable to qualify under an exemption, it will have to obtain a full CMS licence; a boutique CMS licence or a start-up boutique CMS licence

Singapore's Take on Islamic Finance

April 2009 | Islamic Finance news

Singapore’s plunge into the Islamic finance scene did not come as a surprise to many in the industry. Seeing the Islamic finance industry take-off in Malaysia and with Hong Kong and Indonesia playing catch up, Singapore’s obvious move was to take on this ethical form of financing with formidable force. Despite being the first Asian country to fall into a recession, which prompted the government to declare the situation as the worst ever for it, the Lion City was still optimistic about launching its first Sukuk at a signing ceremony last month.

Fund Set-up in Singapore

October 2007 | Nigel Poh, Eurekahedge

Differing definitions of a hedge fund abound (which are sometimes confused with other funds such as private equity or real estate investment pools) but for our purposes, and with the view of setting up an international hedge fund in Singapore, the following assumptions are made: that it is deemed to be a “collective investment scheme” as described by the Securities and Futures Act of Singapore, and will have a strategy of investing in instruments where valuations are readily discernable with minimal dispute (such as listed equities, bonds); and that the manager is remunerated generally on a manager fee based on the entire value of assets under management, as well as an incentive fee based on a proportion of profitable capital gains made from those assets. The offerings are not meant for the general public but for accredited investors and operate within strict limits to general solicitation and advertising.

The AUM Challenge for Hedge Funds in Singapore

December 2005 | Justin Ong and Ivan Perfiliev, PricewaterhouseCoopers, Singapore

Much has been written lately about the high rate of growth in the number of Singapore-based hedge fund managers. A conducive regulatory environment coupled with the relatively low cost of operations have both contributed to the unprecedented growth of hedge funds in Singapore over the last couple of years. Yet, notwithstanding these, gaining critical mass still seems to be an elusive goal for many Singapore-based hedge funds.

Setting up an Asian Fund Manager – Singapore or Hong Kong?

September 2005 | Nigel Poh, Eurekahedge

As assets managed by hedge funds globally pass the US$1 trillion mark, voices of the rational shadows whisper that the industry is due for a market correction. Yet fears of a bubble in the industry may be unfounded at least from an Asian perspective, which many see as an emerging opportunity-rich sector essentially catching up with the US and Europe in terms of strategy sophistication and market deployment.

CECA and Its Applicability to Hedge Funds

September 2005 | Leena Pinsler, Rajah & Tann

The Comprehensive Economic Co-operation Agreement ("CECA") between Singapore and India is the first of its kind that India has signed with any country as well as the first that Singapore has signed with a developing country. CECA integrates agreements on trade in goods and services, investment protection and promotion and economic cooperation in fields like education, intellectual property, science and technology.

Interview with Lam Poh Min, Partner of Octagon Capital Pte Ltd

December 2004 | Eurekahedge

Octagon Capital adopts a quantitative approach to investing and is run by Lam Poh Min and Nelson Chia in Singapore. Poh Min has ten years of portfolio management experience. Prior to setting up Octagon, he spent nine years with Singapore's Government Investment Corporation (GIC). He was a senior portfolio manager in the quantitative investment unit. Nelson was a trader at GIC for nine years, working in Singapore, London and New York.

Interview with Harvest Investment Partners

November 2004 | Eurekahedge

Harvest Investment Partners manages the Harvest Asia Fund, an Asia ex-Japan, long / short equities fund. Singapore-based Harvest Investment Partners was established in July 2003 by Tiong Jin Yan, Michelle Tan-Chian and Michael Liang. The fund has generated returns of 2.33% year-to-date and 5.51% since inception (November 2003).

Interview with Blackhorse Research

November 2004 | Eurekahedge

The fund is advised by Blackhorse Research Pte Ltd, which was established in Singapore in 2001 by John Engle. Together with partners Jonathan Ross and Paul Rubens, the team has a combined 35 years' experience in the Asian financial markets. Engle is a CFA with 14 years of investment experience, much of this with ABN AMRO HG Asia. He was most recently group head of research for Asia Pacific and Latin America at Indosuez W.I. Carr. Ross, also a CFA, has 11 years' experience in research in Asia and was previously head of technology research in Asia for Goldman Sachs. Rubens has 15 years' experience working for leading investment management organisations in Hong Kong, Taipei and Tokyo. He was most recently managing director, Asia for Banc One Investment Advisors.

Singapore Reforms for Growth

October 2004 | Quek Bin Hwee and John Kwai, PWC Singapore

Since the mid-nineties, the Singapore Government has identified the investment management industry as one of the key financial sectors to develop. To this end, the Singapore Government, through the Monetary Authority of Singapore ("MAS"), has introduced various incentives and reforms to encourage the growth of the investment management industry.

New Trends in Singapore's Hedge Fund Industry

September 2004 | Justin Ong and Ivan Perfiliev, PwC Singapore

The hedge funds industry in Singapore has undergone significant development and growth over the past 18 months. In particular, the number of hedge funds managed from Singapore has grown from a little over 10 to more than 49 within that period of time. What is the reason for this? Where is the industry heading?

Hedge Fund Structures and Regulatory Positions in Hong Kong, Singapore and Japan

September 2004 | Eiichi Kanda & Tatsuhiko Kamiyama, Clifford Chance (Tokyo) LLP; Mark Shipman, Clifford Chance, Hong Kong; Choo Wai Hong, Clifford Chance Wong, Singapore

The preferred hedge fund structure for Hong Kong based managers/advisers tends to be an offshore limited liability company. The main factors determining this preference is investor familiarity and that such a vehicle is relatively low risk to the hedge fund manager i.e. it has a separate legal identity distinct from the management functions, and is easy to operate with respect to day to day subscription and redemption of shares. Furthermore, offshore jurisdictions used such as Cayman Islands, British Virgin Islands and Bermuda,are tax neutral.

Interview with Binjai Hill Asset Management

August 2004 | Eurekahedge

Justin Kendrick is one of the three Principals and the Head of Business Development at Binjai Hill Asset Management (BHAM), based in Singapore. BHAM will advise the BINJAI HILL ASIAN ACORNS FUND, an Asian ex-Japan long/short equities fund with a long bias and focused on smaller-to-mid cap stocks. The BINJAI HILL ASIAN ACORNS FUND is scheduled to launch on August 10th and is aiming for moderate volatility and an absolute return of 20-25% per annum.

Interview with Nick Delf, Managing Director of Maestro Capital Management

May 2003 | Eurekahedge

Nick Delf is managing director of Singapore-based Maestro Capital Management, which is advisor to the Global Maestro Fund 1 Ltd, a Caymans based Macro fund. The fund will trade in a highly diversified set of markets across all asset classes and targets returns of around 20% and an annualised standard deviation of 10%. The fund is in the final stages of initial asset gathering and expects to launch in May.

Interview with Ho Tian Yee, Pacific Asset Management

February 2003 | Eurekahedge

Ho Tian Yee is the CIO and oversees all investment management decisions at Pacific Asset Management. He is assisted in this by a four person investment team. Pacific Asset Management Ltd was founded in Singapore in 1995 by Ho, the major shareholder. Ho and his partners own 89% of the equity, with the balance held by Pacific Investment Management Company of the US. Prior to establishing the company, Ho worked for Bankers Trust in Singapore where he was employed for 19 years.

Interview with APS Asia Pacific Hedge Fund

November 2002 | Matt Schmidt, Eurekahedge

Reflections on 2002 and Prospects for the Coming Year Wong Kok Hoi is the Managing Director and Chief Investment Officer of APS Asset Management based in Singapore. He has been the lead manager of the APS Asia Pacific Hedge Fund since its launch in April 2002. Prior to establishing APS, Mr. Wong was employed by Citibank and the GIC in Singapore. He has 20 years of investment experience. The APS Asia Pacific Hedge Fund is an Asia including Japan, equity long/short fund. It was up 20.26% for the year 2002.

Interview with David Lee, Fund Manager of Ferrell Asia Fund

August 2002 | Matt Schmidt, Eurekahedge

David Lee runs the Ferrell Asia fund, managed by Ferrell Asset Management Pte Ltd, which was established in Singapore in 1999. David Lee is the MD and CIO. He has more than 15 years' investment experience, having previously headed Fraser Asset Management. The company has US$25m under management, all of which is managed on an absolute return basis. The Ferrell Asia Fund has US$5m of assets. The Ferrell Asia fund was 0.1% for August 2002 and is 3.4% YTD at the end of August.

Retail Hedge Fund Regulation Update

July 2002 | Ray Heath

The pace of Hong Kong's race to put hedge funds onto the retail market is slowing. Although a small, but still significant queue has formed to register products, some unexpected potholes have appeared as managers, lawyers and the regulators attempt to reconcile differing requirements. That there would be teething troubles was seen as inevitable, given the pioneering aspect of the Securities and Futures Commission's initiative in opening the way for hedge funds to be offered to the wider public. The SFC was having to set standards that would allow freedom of fund management while ensuring maximum investor protection. No precedent was available, as in other jurisdictions hedge funds remain exempt products, although Singapore has also taken steps to regulate the public offering of the vehicles.

Interview with Zaheer Abbas Sitabkhan, Fund Manager of LG Asian Plus Fund

June 2002 | Matt Schmidt, Eurekahedge

Zaheer runs the LG Asian Plus Fund and has been with LGM since 1995. He has been involved in managing the fund since inception and has taken over full responsibility since June 2000. He is a graduate of Case Western Reserve University and has a MBA from Indiana University.

Selling Hedge Funds to the General Public - Australia is Ahead of the Pack

April 2002 | John Hetherington, Eurekahedge

After no-doubt considerable soul-searching, Hong Kong's Securities and Futures Commission (SFC) finally published in early May the guidelines which it will follow in determining whether a hedge fund will be authorised for public sale. This determination came eleven months after the Monetary Authority of Singapore (MAS) released its own standards. While there are similarities, the hurdles set by the SFC are much higher.

Hedge Fund Location - it matters

April 2002 | John Hetherington, Eurekahedge

We asked 16 managers, based around the world and overseeing absolute return Asia Pacific strategies, their views of where is the best location to establish a hedge fund. We gave each of them the same 12 questions (reproduced below), which centered on the investment process and capital raising. Their answers were remarkably similar, suggesting that there may be a clear formula which new, and arguably some established, managers should follow.

Long-Only Houses Are Developing a Taste For Asian Hedge Funds

March 2002 | Niall Shiner, Eurekahedge

After no-doubt considerable soul-searching, Hong Kong's Securities and Futures Commission (SFC) finally published in early May the guidelines which it will follow in determining whether a hedge fund will be authorised for public sale. This determination came eleven months after the Monetary Authority of Singapore (MAS) released its own standards. While there are similarities, the hurdles set by the SFC are much higher.