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Hedge fund manager enters HK retail market

Hong Kong-based Foundation Asset Management has received the regulatory green-light to roll out a fund in the local market.

The product, the Foundation China Equity Fund, which is also the firm’s first Securities and Futures Commission (SFC)-authorised fund, received approval last week to be sold in the retail market, the regulator’s records show.

FSA sought more information from Foundation Asset Management, but the firm did not reply to queries about the fund’s strategy and its business plans in time for publication.

The firm, which managed $200m in global assets as at the end of September 2016, has two products available to professional investors: the Foundation China Opportunity Fund, and the USD Assets Income + Growth Fund, according to its website.

The China-focused fund is an equity long/short product launched in 2006, while the other fund is a multi-strategy product that invests primarily in the US markets. The firm also runs independent managed accounts.

Foundation Asset Management has a team of 11 people, with an average of 20 years of experience, the website added. The firm was founded by Michael Liang, who is also the chief investment officer.

The firm has licences for both asset management (Type 9) and advising on securities (Type 4), according to SFC records.

Some of the other funds that recently received approval include the DWS Invest Asian Fund, Enhanced Investment Products’ HKD Yield Fund, the E Fund (HK) Global Emerging Markets Leading Enterprise Fund, the Invesco Global Multi Income Allocation Fund, and the Threadneedle (Lux) – Global Multi Asset Income.

Other firms registered multiple funds last month: three from UBS Asset Management; three from Manulife Asset Management; and another three from T Rowe Price. In total, the SFC approved 15 funds in September.

Part of the Mark Allen Group.