Key Takeaways
- • AIMS Asset Management is launching the AIMS Absolute China Fund, a long/short greater China equity fund aimed at institutional investors, in the current month.
- • The fund adopts the strategy and style of the AIMS Absolute China Certificate, which returned almost 25% annualised from July 2003 to the end of the prior year and held more than USD80m in AUM when offered by ABN Amro.
- • The fund will be run by Terry Wainwright and Thomas Lim through a new Singapore-based subsidiary, Altasia Capital.
- • The fund is seeded internally, with AIMS in talks with outside investors; UBS is prime broker and Citco is administrator.
- • Terms are a 1.5% management fee and a 20% performance fee subject to a high water mark.
Summary
AIMS Asset Management, one of the first foreign fund management companies licensed in Malaysia in 1996, is launching a long/short greater China equity fund this month. The AIMS Absolute China Fund is targeted at institutional investors and will adopt the strategy and style of a structured product the firm managed, the AIMS Absolute China Certificate. That certificate was listed on the Stuttgart stock exchange, held more than USD80m in assets under management, and was offered by ABN Amro to German retail investors as a way to access a single-manager hedge fund strategy. It achieved annualised returns of almost 25% between July 2003 and the end of the prior year.
AIMS's role as investment adviser to the certificate was discontinued by ABN Amro in December 2006, following the departure of Christofer Rathke as a principal of the asset manager. The new fund will be managed by Terry Wainwright, who ran the certificate, and Thomas Lim, through Altasia Capital, a new Singapore-based AIMS subsidiary. Wainwright began managing Asian equities as a proprietary desk trader in Hong Kong in 1994 and has also managed Asian equity portfolios for Germany's Deka and HypoVereinsbank.
The fund is being seeded internally, although AIMS says it is in discussions with investors about early-stage investment. UBS has been appointed prime broker and Citco is fund administrator. The fee structure is a 1.5% management fee and a 20% performance fee, subject to a high water mark set at the previous year-end high.
AIMS traces its origins to Asian Investment Management Services, which David Crichton-Watt established in Hong Kong in 1982 as a fund management and advisory business. The firm was established in its present form in Kuala Lumpur in 1996.
AIMS's role as investment adviser to the certificate was discontinued by ABN Amro in December 2006, following the departure of Christofer Rathke as a principal of the asset manager. The new fund will be managed by Terry Wainwright, who ran the certificate, and Thomas Lim, through Altasia Capital, a new Singapore-based AIMS subsidiary. Wainwright began managing Asian equities as a proprietary desk trader in Hong Kong in 1994 and has also managed Asian equity portfolios for Germany's Deka and HypoVereinsbank.
The fund is being seeded internally, although AIMS says it is in discussions with investors about early-stage investment. UBS has been appointed prime broker and Citco is fund administrator. The fee structure is a 1.5% management fee and a 20% performance fee, subject to a high water mark set at the previous year-end high.
AIMS traces its origins to Asian Investment Management Services, which David Crichton-Watt established in Hong Kong in 1982 as a fund management and advisory business. The firm was established in its present form in Kuala Lumpur in 1996.
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