Hedge Funds Bridgewater, Winton Register to Launch Products in China (Reuters)
SHANGHAI (Reuters) – Renowned global hedge fund managers Bridgewater Associates LP and Winton Group Ltd have had registrations to launch products in China accepted at a time of turbulence in capital markets, reflecting a change in the government’s stance toward such foreign funds. The Shanghai subsidiaries of Bridgewater and Winton both registered at the Asset Management Association of China (AMAC) on June 29, showed notices posted on the association’s website on Tuesday, paving way for private fund launches in the country. According to rules, asset managers must launch products within six months of registration.
Former Perry Exec Uziel Back in Business (HFAlert.com)
Former Perry Capital partner Ori Uziel is returning to the hedge fund business after a 10-year absence. Uziel, who retired from Perry at yearend 2007 when he was just 36 years old, opened a firm in New York last year called Uziel Capital. Now he’s getting ready to launch a hedge fund called Vista Grande Partners, which is scheduled to begin trading in August with about $10 million of friends-and-family money. Next year, Uziel plans to market the vehicle to a wider audience. The fund will pursue a special-situations strategy that Uziel has been running in separate accounts since May 2017.
Hedge Fund Plays Trade Spat Shorting China Cars, Buying Travel (Bloomberg)
The escalating trade dispute between China and the U.S. prompted hedge fund manager Pinpoint Asset Management to take money off the table earlier this year. It’s now game-planning for a potential agreement between the world’s top two economies. “The likely scenario to result from the China-U.S. trade tensions would be a trade deal — largely due to China conceding,” said Jennifer Wong, managing director of investor relations at Pinpoint Asset Management, which manages $3.6 billion in long-short equity and multi-strategy hedge funds focused on Asia.
China Hedge Fund Says Stocks Are Near Bottom (Bloomberg)
The rout in Chinese stocks may be nearing an end as the central bank turns to more accommodative monetary tools, according to Shanghai Chongyang Investment Management Co., whose flagship hedge fund has returned 356 percent since its launch in September 2008. “While asset prices will face a ceiling given China’s tough regulation, risk prevention and deleveraging, a more flexible policy stance will put a floor under risk asset prices,” said President Wang Qing. “The market clearly is in its bottom range after earlier corrections.”