Hong Kong-listed financial services firm Sun Hung Kai & Co has committed US$150 million as seed funding for East Point Asset Management, which is now operating independently as an alternative asset management firm.
East Point is led by chief executive officer and chief investment officer Simon Walsh. Chief operating officer James Piachaud and four analysts have also transferred to the team. Its strategy, which seeks to deliver consistent risk-adjusted, absolute returns, remains unchanged, according to a statement from SHK & Co.
The partnership and seeding of East Point Asset Management was conducted through SHK & Co’s fund management platform.
Lindsay Wright, CEO of SHK funds management, comments: “We are delighted to partner with East Point Asset Management, building on our long relationship with the team and understanding of their strategy. The investment-centric culture of the team and their high conviction strategies consistently delivered strong performance, providing us with confidence about East Point Asset Management’s growth prospects.”
SHK & Co is expanding its external partnerships, including seeding and providing acceleration capital as it grows the platform.
Lee Seng Huang, group executive chairman of SHK & Co, notes: “SHK funds management’s partnership approach is focused on attracting outstanding investment teams and accelerating boutique firms that wish to build an enduring franchise with patient capital while preserving their independence.”
East Point Asset Management’s prime brokers are Morgan Stanley and Goldman Sachs. Morgan Stanley manages fund administration. The company operates under a Type 9 license of the Hong Kong Securities and Futures Commission.