Fund launches & closures

Cavenagh readies Asia macro strategy

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Cavenagh Capital, a new hedge fund start-up in Singapore, is slating a May launch and around $100 million for an Asia macro fund. The fund will have a mandate to generate uncorrelated returns by constructing a portfolio of trades with an asymmetric pay off in Asian interest rates and currencies. Founding partners Lee Ka Shao and Andrew Gale bring together a rare combination of mathematical strength and strong knowledge of the macro universe that will be implemented into trade ideas.

Gale was formerly the head of product development and asset raising at Dexion Capital and Lee is a