Hong Kong-based Sumitomo Trust Finance, the asset-management arm of Japan’s fifth-biggest bank, Sumitomo Trust & Banking, is planning to launch a new multi-strategy hedge fund – the Tactical Equity Concepts-Japan Fund, also called TEC- Japan, reported Bloomberg.
TEC- Japan is expected to get $105 million seed money from the parent company. Kota Murakami, Head of Sumitomo Trust Finance’s investment management group said that the fund intends to amass assets to the tune of approximately $630 million over the next two years.
“We wanted to come up with a hedge fund that will allow us to deliver returns in any sort of market environment. What we’re seeing now is a mere bear-market rally, and the default rates are going go up again before we see any full-fledged recovery,” added Mr. Murakami.
