Hong Kong Sun Hung Kai & Co (SHK) has provided US$150 million of seed funding to East Point Asset Management.
East Point was spun off from SHK last year. Simon Walsh, its founder and chief investment officer, was previously public equity CIO of SHK. The company has hired James Pichaud from Hong Kong hedge fund manager Gen2 Partners as chief operating officer.
Although East Point is still managing its former parent’s investments, it works independently now, SHK says in a statement on January 11.
SHK is expanding external partnerships, “including seeding and providing acceleration capital” as it grows its fund management platform, the company adds.
“SHK funds management is the ideal strategic partner for East Point Asset Management. As a team, we believe strongly in the principles of independence, an entrepreneurial culture and investment alignment with clients…,” Walsh says in the statement.
SHK, a financial services and alternative investment conglomerate, had around HK$43 billion ($5.51 billion) of total assets as of June 2020.