Hong Kong Jockey Club buys hedge funds

Casting the mould for others, Hong Kong''s premier plan sponsor will invest about $100 million in two US-based funds of hedge funds in May.

Laying to rest much industry speculation, the Hong Kong Jockey Club has confirmed that it will invest about $100 million in funds of hedge funds in early May. Two US-based funds will receive the allocations following a due diligence exercise lasting more than nine months.

The move is a bold but well overdue step into the world of alternative investments for the habitually conservative Jockey Club. It is expected that other plan sponsors in Hong Kong and surrounding Asian countries will now follow its lead.

Club treasurer, Jacob Tsang, says We have mandated two US-based dedicated funds of funds managers and, subject to final documentation,...

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