Sep
04
Hedge Funds Face a New Threat From Richest Families in Asia
By-
More rich families start funds as strategy catches on in Asia
- Tolaram to court outside money after Millennium, Goldman hires
They’ve already come for the talent, poaching traders from the likes of Millennium Management LLC. Now Asia’s family offices are going after the hedge fund industry’s clients, too.
Take Tolaram Group, which runs a $500 million family office in Singapore. After hiring former Millennium and Goldman Sachs Group Inc. staffers to manage $100 million of its own cash, Tolaram plans to convert the portfolio into a hedge fund and accept outside money next year. It’s the first foray into asset management for a family that made its fortune in textiles, consumer goods, and other mostly non-financial businesses…
