Hedge fund firm and asset manager PineBridge Investments and investment bank China International Capital Corporation Limited announced the launch of the first global fund of hedge funds that will target Chinese investors.
A joint statement released Thursday said that the new fund, launched on April 1, invests in a variety of hedge fund strategies, including equity long/short, event driven, global macro and relative value.
The partnership “demonstrates the strategic decision of [both firms] to expand its investment management business globally.” CICC will leverage its resources in Beijing and New York, while PineBridge has offices in New York, London and Hong Kong.
CICC is the new fund’s investment manager while PineBridge serves as its sub-advisor.
PineBridge has over $71.7 billion in assets under management and primarily focuses on developed and emerging markets. Founded in 1995, CICC is China’s first joint venture investment bank.