Bank of Bermuda in Hong Kong has launched an offshore hedge fund incubator aimed at Australian resident managers.
The Kangaroo Fund combines the services required to establish a new fund under one umbrella. Bank of Bermuda will provide fund managers with administration and custody services, while drawing on the expertise of Deacons for legal support, PricewaterhouseCoopers for accounting services and Goldman Sachs for prime brokerage.
Bank of Bermuda’s global services head, Paul Smith said the Kangaroo Fund offers high quality services within a cost-effective incubator, allowing each fund time and the optimum environment to grow successfully.
Joanne Murphy, head of hedge funds for Bank of Bermuda, Asia Pacific said: “This fund is aimed at resident Australian Fund Managers with offshore investment clients who find it difficult to raise money internationally.”
Murphy added that Bank of Bermuda intends to shortly launch similar products in the rest of Asia. The bank recently completed a database of Asian hedge funds for investors looking at investment opportunities in the region.
By Janet Du Chenne
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