Sources told Bloomberg that Golvis Investment Pte intends to open its multistrategy hedge fund focused on Japan this quarter. Golvis Investment was established by three former managing directors of Goldman Sachs Group Inc, the report said.
The people, who spoke on the condition of anonymity because the information is confidential, said that in the first two weeks of January, Golvis Asia Opportunities Fund was able to return nearly 2%. With the money from its founding partners and employees, the Singapore-based firm recently began trading early this month, the report said.
In a bid to put an end to 15 years of deflation that would weaken the yen and bolster the earnings outlook of Japan's exporters, Prime Minister Shinzo Abe and the Bank of Japan have already rolled out a stimulus program. Citing figures from data provider Eurekahedge Pte, the report said Japanese hedge funds posted 28% returns last year, leading its rivals specializing in other regions.
Credit Suisse Group's Hong Kong-based Asia Pacific Head of Prime Services Matt Pecot told Bloomberg, "The easy yen trade is over. Investors may shift allocations to managers with deeper history of long, short fundamental stock-picking in the Japan market."
The sources said Golvis has a workforce of 12. It is headed by Chief Investment Officer Koji Gotoda, Senior Fund Manager Takayuki Kasama and Chief Operating Officer Taiichi Hoshino. The people added that the company has a five-member team working in Tokyo reporting directly to Gotoda and Kasama. They help the hedge fund perform fundamental research, the report said.
Before leaving Goldman Sachs in July, Gotoda led its Asia convertible bond trading operations. Sources told Bloomberg in August that Goldman Sach's former Co-Head of Japan Credit rating left the firm in June. The people added that third founding partner Hoshino worked as the Managing Director of Goldman Sachs in Tokyo. His focus was on marketing and fund structuring, the report said.
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