NEW YORK–A company that is part of New York-headquartered Fairfield Greenwich Group has formed a joint venture with Straits Lion Asset Management Ltd.–one of Singapore’s largest money managers.
The new firm, Fairfield Straits Lion Asset Management, will create and distribute hedge fund products for Asian customers. It will work out of Singapore, drawing on Greenwich’s experience with seeding and investing in hedge funds and Straits Lion’s market expertise and Asian contacts.
The plan for distribution of the investment products will start with private placements in Singapore and Malaysia and later extend to other Asian countries as opportunities and regulatory frameworks develop. Singapore has instituted a legal regimen that encourages hedge fund investing.
“The evolution of Singapore’s capital markets and their forward-thinking regulatory environment has made the country an increasingly important base for regional hedge fund management activities,” said Fairfield Greenwich Ltd. partner Richard Landsberger, in a statement.
“With its world-class financial services infrastructure and rich pool of talented professionals in every investment-related specialty, we expect that Fairfield Straits Lion will soon become a powerful platform from which we can both market our existing hedge fund products and develop new alternative asset ventures,” he stated.
Straits Lion executive director Norman Ip emphasized that the joint venture is an opportunity to leverage Straits Lion’s expertise and distribution contacts in Asia in combination with Fairfield Greenwich’s alternative asset management capabilities.
Fairfield Greenwich Group has more than US$7 billion in assets under management, primarily from European clients.
Straits Lion Asset Management is 80% owned by Great Eastern Holdings Ltd., the holding company of The Great Eastern Life Assurance Co. and The Overseas Assurance Corp. Straits Lion had more than S$16 billion (US$9.5 billion) of assets under management.