Sumitomo Trust Finance H.K., the asset-management unit of of one of the largest Japanese banks, will start a new multi-strategy hedge fund that invests in Japanese stocks, index options, futures and credit-default swaps, Bloomberg News reported.
The Tactical Equity Concepts-Japan Fund, also called TEC-Japan, will start June 29 with 10 billion yen ($105m) of seed money from its parent Sumitomo Trust & Banking, said Kota Murakami, the Hong Kong-based head of Sumitomo Trust Financeā??s investment management group.
The fund aims to raise assets to as much as 60 billion yen over the next couple of years, he told the news service.
