The Hong Kong Jockey Club has started making direct investments to hedge funds.
Bloomberg reported that the horse racing operator has allocated more than $1 billion to alternative strategies in New York-based firms Millennium Management and Och-Ziff Capital Management. It was not disclosed how much the jockey club invested in each firm.
Jacob Tsang, who is the director of the club’s treasury, explained to the news outlet that the recent investments has been the “first time the club goes direct and there is room to add more direct managers in the future,” as it moves “forward to a more efficient way to deploy capital."
Israel Englander’s Millennium had $21.8 billion in assets under management as of February with offices in the U.S., Europe and Asia. Och-Ziff, led by Daniel Och, oversaw $42.7 billion of assets on April 1.
The jockey club also runs authorized betting on football games and lotteries in Hong Kong.