Ex-Lehman Brothers duo seeking $50m for new hedge fund company

14 May 2010

A pair of bankers formerly employed by Lehman Brothers are seeking US investors for a new hedge fund company they have set up.

Leon Hindle and Fredic Teng are aiming to raise around $50 million for Oracle Capital over the course of the next two months, reports Bloomberg.

The Hong Kong-based company began trading on May 12th 2010 and is looking to buy structured credit products from Asian companies operating in the financial services sector.

Oracle intends to set up another fund aimed at non-American investors next month.

Mr Hindle said of the Asian region: "It's a huge market relative to the number of people that are in it."

Earlier this month, Peter Douglas, the principal of wealth management and investment advisory firm GFIA Pte, stated that many Asian hedge funds are struggling to raise capital at the moment.

He told the Bloomberg Alternative Investment Forum in Singapore that the average hedge fund set up last year in the region has assets of $40 million, about half the amount of those launched in 2007.

By Gary Cooper

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