对冲基金再次东移亚洲

　　全球对冲基金管理机构正在扩大它们在亚洲、特别是香港的存在，希望在投资者对该地区兴趣大增的时候筹集更多资本。

　　在亚洲打出招牌的知名公司中，有索罗斯基金管理公司(Soros Fund Management LLC)、Viking Global Investors和GLG Partners LP等。对冲基金D.E. Shaw最近说，其六人执行委员会当中有一人将搬迁到香港；Maverick Capital Ltd.在8月份将其驻香港分析师的数量增加到四名。

　Bloomberg News　　索罗斯基金管理公司主席乔治•索罗斯(George Soros)　　瑞银集团(UBS AG)亚太地区大宗经纪业务负责人格雷(David Gray)说，他知道有10来家全球性基金正在亚洲“扎营”。格雷说，他们说过，该认真一点了，因为要让投资者觉得可靠，他们就需要有人驻守当地。

　　大宗经纪机构(prime broker)为对冲基金提供多种服务，包括帮助它们建立并交易份额。

　　据行业数据提供商对冲基金研究公司(Hedge Fund Research Inc.)提供的数据，今年第三季度，全球投资者将净额为190亿美元的新资金配置于对冲基金行业，这是2007年第四季度以来最大的流入量。

　　那些可以在全球各地投资的大型基金说，之所以有大量资金、特别是来自美国养老基金的资金再次涌入它们的金库，一部分原因就在于它们的亚洲敞口越来越大。因此它们正在亚洲地区增加人手。相比之下，规模较小的基金和对冲基金的基金(FoF)的资本仍旧匮乏。

　　伦敦大型对冲基金Marshall Wace LLP.合伙人安德森(Des Anderson)说，我们内部的资金配置在向亚洲转移，因为我们觉得目前在亚洲做投资更划算。这家基金公司数十亿美元的资产约四分之一都是投资在亚洲。安德森说，公司驻香港代表处的人数已在过去两年翻倍到30人。

　　亚洲繁荣的经济刺激对冲基金发起了冲锋。国际货币基金组织(International Monetary Fund)预计亚洲经济今年增长8%，中国和印度分别以10.5%和9.7%的速度领先。

　　税率也是一个因素。香港和新加坡的税收更加优惠，它们针对高收入人群的个人所得税税率相对较低，香港是17%，新加坡是20%，而英国是50%。
（在中国大陆真是幸福呀。）
　　有一个现象说明对冲基金急于对中国下注：在香港向对冲基金出借股票、供它们做空而产生的收入，最近已经超过了日本在这方面的收入，在过去，日本是此类交易最多的亚洲市场之一。据行业服务提供商Dataexplorers的数据，今年10月份是香港这类收入首次超过日本。

　　对冲基金常常是在出售一只股票的同时买进另一只股票，这种技术在业内被称为“pair trade”（平行买卖）。在香港投资中资上市公司比在其他任何交易所都更加便利。

　　对冲基金东移时值这个行业在西方遭遇四面楚歌。美国针对对冲基金内幕交易发起的调查正在给整个行业带来震动。欧盟针对对冲基金资本与信息披露要求制定了严格的新规，促使一些对冲基金转移到它们可能觉得更受欢迎的地方。

　　总部位于英国伦敦、打理着主要针对新兴市场的17.5亿美元资产的投资公司Amiya Capital的首席投资长Ian Mukherjee说，欧盟似乎不是特别喜欢对冲基金，于是很自然这些基金会进军香港或新加坡。

　　香港和新加坡都在积极争取对冲基金，希望可以借此提高自己作为地区金融中心的资历，虽然若其它市场出现任何不当行为，亚洲或许也会加大其对基金活动的监管力度。

　　此次对冲基金蜂拥来到亚洲并不是第一次。很多公司在2006至2007年就在亚洲设立了办事处，但在随后的全球金融危机期间，这些办事处不是关门大吉就是大幅缩减亚洲业务。

　　过往的经验教训引起广泛的担忧，即眼下对冲基金涌入亚洲是否可说明热钱流入了一个资深投资者需要勉力维持收益的地区。亚洲市场与欧美比起来相对较弱。韩国等市场明令禁止卖空行为，而澳大利亚等市场对此也严格设限。

　　一些亚洲国家和地区政府正在实行有限的资本控制，以应对寻找更高收益的资本洪流。美国和日本的定量宽松政策加快了这股现金流的涌入速度。

　　资本控制可能不利于对冲基金的发展，因为它们无法在市场动荡时快速撤离市场。

　　芝加哥投资公司Citadel Investment Group LLC 2005年在亚洲大举增加工作人员，但2008年却关闭了东京办事处并裁减其香港员工。

　　瑞士银行的格雷说，感觉好像是我们要回到2003年，那时人们争相涌入亚洲市场，希望花掉自己口袋里的钱，不过在管理亚洲投资组合方面，有足够经验的人不多。

　　很多对冲基金正在亚洲运用类似战略，这些战略可能使它们在亚洲这个流动性较差的市场中更难赢利。亚洲市场上有近三分之二的资本采用的是多空策略，也就是说基金既可以做多也可以做空股票，而全球市场上只有三分之一的资本采用这种多空策略。

　　虽然大型基金不断有资金注入，但小型基金却在拼死挣扎，其部分原因可归于美国养老基金等大型投资者正在把钱直接注入大型基金中，省去了通常来说负责审查新基金的对冲基金的基金（FOF）这一中间人。HFR数据显示，过去九个季度中只有两季对冲基金的基金出现资本净流入。

　　香港证券及期货事务监察委员会(Hong Kong's Securities and Futures Commission)行政总裁韦亦礼(Martin Wheatley)说，小型对冲基金因为很难募到资金，现正在合并，而大型对冲基金则从目前的环境中受益。

　　随着监管者加大对对冲基金业的监管力度，对冲基金的盈利能力也会因合规成本和风险管理增大而难度增加。业内人士说，对冲基金要至少募到7,500万美元才能支付这些成本费用，而以前只需4,000万到5,000万美元就可以了。

        Global hedge-fund managers are beefing up their presence in Asia, particularly Hong Kong, in the hope of raising more capital amid a swell of investor interest in the region.

        Among the big names hanging out their shingles in Asia are Soros Fund Management LLC, Viking Global Investors and GLG Partners LP. D.E. Shaw recently said a member of its six-person executive committee is moving to Hong Kong, and Maverick Capital Ltd. raised the number of analysts in its Hong Kong office to four in August.

        David Gray, head of prime services for UBS AG in the Asia-Pacific region, said he knows of about 10 global groups that are putting stakes in the ground in Asia. 'They've said, time to get a little serious, because to be credible with investors they need people on the ground,' Mr. Gray said.Prime brokers provide a wide range of services to hedge funds, including helping them set up and trade shares.

        Investors allocated a net $19 billion of new capital to the hedge-fund industry globally in the third quarter, the largest inflow since the fourth quarter of 2007, according to industry data provider Hedge Fund Research Inc.

        The biggest funds that can invest around the world say part of the reason money is pouring into their coffers again, especially from U.S. pension funds, is because of their increasing exposure to Asia. As a result, they are ramping up staffing in the region. In contrast, smaller funds and funds of funds remain starved of capital.

        'We've seen a shift internally of allocations towards Asia because we feel you get a better bang for your buck here at present,' said Des Anderson, a partner in Marshall Wace LLP. The London-based, multibillion-dollar fund has about a quarter of its assets invested in Asia. Its Hong Kong office has doubled in size over the past two years to 30 people, Mr. Anderson said.

        Buoyant Asian economies are spurring the hedge-fund charge. The International Monetary Fund forecasts Asian economic growth of 8% this year, with China and India leading the way at 10.5% and 9.7%, respectively.

Tax rates are also a factor. Hong Kong and Singapore compare favorably, given their relatively low personal income taxes for higher earners. For Hong Kong, the rate is 17%, and in Singapore it is 20%, compared with 50% in Britain.

        In one sign that hedge funds are eager to bet on China, revenues generated in Hong Kong from lending stock to hedge funds for short selling recently overtook revenues generated in Japan, historically one of the most heavily traded Asian markets. October is the first time this has happened, according to Dataexplorers, an industry service provider.

        Hedge funds often sell short one stock at the same time that they buy another, a tactic known in the industry as a pair trade. Chinese-listed companies are more accessible to investors in Hong Kong than on any other exchange.

        The industry's move eastward comes at a time when the industry is under siege in the West. Investigations into insider trading at hedge funds in the U.S. are roiling the industry. Strict new rules on capital and disclosure requirements for hedge funds in the European Union are prompting some to move to places where they may feel more welcome.
        'The EU doesn't seem to particularly like hedge funds -- a move to Hong Kong or Singapore would be natural,' said Ian Mukherjee, chief investment officer of London-headquartered Amiya Capital, which has $1.75 billion under management focused on emerging markets.

        Hong Kong and Singapore are both eager to court hedge funds to help boost their credentials as regional financial centers, although evidence of any wrongdoing in other jurisdictions could prompt tougher scrutiny of funds' activities in Asia, too.

        This isn't the first time hedge funds have flocked to Asia. Many set up offices in 2006 and 2007, but either closed or severely cut back their Asian operations during the global financial crisis.

        That history raises concerns that the current influx of hedge funds represent hot money flowing into a region where veteran investors are needed to eke out gains. Asia's markets are relatively shallow compared with those in the U.S. and Europe. Short selling is banned in some places, such as South Korea, and heavily restricted in others, including Australia.

        Already, some Asian governments are implementing limited capital controls in order to cope with a flood of money in search of higher yields. Quantitative easing in the U.S. and Japan has speeded up that flow of cash.

        Capital controls could trip up hedge funds that find themselves unable to exit from markets as quickly as they would like during times of turbulence.

        Chicago-based Citadel Investment Group LLC ramped up staffing aggressively in Asia during 2005, but closed its Tokyo office and cut jobs in Hong Kong during 2008.

        'It feels like we are going back to 2003, where people rushed into the space wanting to spend their money,' said UBS's Mr. Gray, 'but there is not enough people with enough experience of running an Asian portfolio.'

        Many hedge funds are also using similar strategies in Asia, which could make it harder for them to make a profit in the region's less liquid markets. Nearly two thirds of the capital deployed in the region is in long-short strategies, in which funds take long and short positions in stocks at the same time, compared with a third globally.

        While big funds are seeing an inflow of money, smaller funds are struggling. In part, that is because big investors such as U.S. pension funds are pouring money directly into large funds, cutting out fund-of-funds middlemen that normally screen start-ups. Globally, funds of funds have had net inflows of capital in only two of the last nine quarters, according to HFR.

        'Smaller hedge funds are consolidating as they are finding it difficult to raise capital,' said Martin Wheatley, chief executive of Hong Kong's Securities and Futures Commission. 'Bigger hedge funds are benefiting from the environment.'

        Making a profit will also be made tougher by rising compliance costs and risk management as regulators beef up oversight of the hedge-fund industry. People in the industry say funds have to make at least $75 million to cover these costs, up from $40 million to $50 million previously.