DE SHAW BROADENS ASIAN REACH
By Sam Jones in London 2010-03-08

DE Shaw, the $28bn hedge fund founded by mathematician David Shaw, is to open offices in Shanghai and Tokyo as part of an expansion in Asia, according to people familiar with the situation.

The Shanghai office, to house a team of private equity analysts, will increase the group’s presence in the region and mark its first expansion into mainland China. It will focus on acquisition opportunities in China.

In the Tokyo office investor relations staff will deal with such functions as marketing and account management.

Several large hedge funds have begun to bulk up their presence in the region. GLG, Moore Capital and Soros Fund Management are among those looking to open offices.

DE Shaw is the largest fund yet to make the move, and is doing so on a scale beyond that of its rivals.

Both of DE Shaw’s new offices are expected to open in the next few months. The firm declined to comment on the subject.

The fund manager currently has an office in Hong Kong, which focuses on Chinese private equity opportunities. It opened in 2007 and is run by Liang Meng.

The move into mainland China will invite comparisons to the company’s expansion in India in 2006 and 2007, where it saw huge recruitment and investment opportunities.

DE Shaw’s Indian operations are now its largest base outside the US. It currently employs 700 people in the country.

The greater part of DE Shaw’s investments are made using complicated mathematical models that aim to spot hidden market trends or pricing anomalies, although the fund manager has recently expanded into private equity and bottom-up value-driven investing.

People close to the group say DE Shaw sees pools of talent suitable for recruitment in Asia as well as the investment opportunities.

By number of staff, DE Shaw dwarfs some of its more nimble rivals. The company employs about 1,700 people – an estimated 100 of whom hold PhDs. Only the UK’s Man Group – a FTSE 100-listed company that has more than $44bn under management – employs more.

The publicity-shy DE Shaw has seen solid performance across its principal strategies during the past two years.

The firm’s flagship Oculus fund – which blends investments in a range of underlying quantitative and qualitative strategies run by the group – returned 8.7 per cent last year.

Another of its funds, the DE Shaw Composite, returned 21.1 per cent, according to an investor.

DE Shaw was founded in 1982 by mathematician David Shaw, who announced his retirement from the day-to-day running of the business in 2001. However, Mr Shaw remains the company’s largest shareholder.

对冲基金DE Shaw进军中国
英国《金融时报》 萨姆•琼斯 伦敦报道 2010-03-08

知情人士透露,管理资金规模达280亿美元的对冲基金DE Shaw将在上海和东京开设办事处,以拓展亚洲业务。该基金是由数学家大卫•肖(David Shaw)创建的。

其上海办事处将拥有一支私人股本分析师团队。此举将拓展该集团在亚洲地区的业务,并标志着它首次进入中国内地。该办事处将重点关注中国的收购机会。

在其东京办事处,负责投资者关系的员工将担负起市场营销和客户管理等职能。

数家大型对冲基金已开始扩展亚洲地区的业务。GLG、摩尔资本(Moore Capital)和索罗斯基金管理公司(Soros Fund Management)均有意在该地区开设办事处。

迄今为止,在亚洲拓展业务的对冲基金中,DE Shaw是规模最大的一家,而且办事处规模也超过了竞争对手。

预计DE Shaw的两家新办事处将在未来数月开业。该基金拒绝就此置评。

目前DE Shaw在香港拥有一家办事处。该办事处于2007年设立,主要关注中国私人股本投资机遇,负责人为孟亮。

DE Shaw进军中国内地的举措,会让人将之与其2006年和2007年在印度的扩张进行比较。该公司在印度看到了巨大的招聘和投资机遇。

目前DE Shaw的印度业务是其美国以外的最大业务,目前拥有700名员工。

DE Shaw大部分投资基于复杂的数学模型,旨在找出隐藏的市场趋势或定价异常。不过最近该基金也进入到私人股本领域和自下而上的价值驱动型投资领域。

知情人士表示,DE Shaw在亚洲看到了人才和投资机遇。

就员工数量而言,DE Shaw令一些更灵活的竞争对手相形见绌。该公司大约有1700名员工——其中估计有100名拥有博士学位。只有英国曼集团(Man Group)的员工数量超过了DE Shaw。曼集团是一家富时100指数成分股公司,管理着逾440亿美元的资产。

过去两年,不愿抛头露面的DE Shaw在其主要战略方面表现稳健。

该公司的旗舰基金Oculus去年回报率为8.7%。Oculus按照该公司的一系列定性及定量战略进行投资。

一位投资者表示,该公司旗下的另一只基金DE Shaw Composite实现了21.1%的回报率。

数学家大卫•肖1982年创立了DE Shaw。2001年,肖宣布退出该基金的日常业务管理。不过,他仍然是该公司的最大股东。

Advertisements