A former portfolio manager at Steven Cohen’s SAC Capital Advisors is planning to launch a macro hedge fund.
Bloomberg reported that Ka-hay Yip, who was the first Asia-based manager hired by SAC Capital, will begin trading out of Hong Kong-based Bright Stream Capital Management with about $25 million of his own money. Yip is planning to bring the hedge fund’s assets under management to as much as $300 million within 18 months from outside investors, according to the article.
The fund will invest as much as 30% of its investments in equity indexes with the rest split between rates and currencies. It won’t trade single stocks or single-name credit.
Yip joined SAC Capital’s Hong Kong office in 2007 to oversee its regional macro investments, but left in 2009 when the firm decided to downsize.