Launches & Closures

Hong Kong diamond fund looks set to shine soon

by

Alan Landau
Diamond-crazed Hong Kong is about to see the launch of its first fund specialising in the glittery stones.

Alan Landau, the CEO of Novel Asset Management, says he expects to launch in the third quarter a fund trading and investing in diamonds and hopes to raise $20 to $30 million, mostly from high net-worth investors and wealth management firms in Europe and Asia. Industry figures show that the city accounts for at least a quarter of worldwide demand for diamonds.

Landau, who used to be the president of Marco Polo Pure Asset Management