Kurt Baker, a Millennium Management alumnus and former head of Morgan Stanley’s Asia prime brokerage, is seeking nearly $3 billion in capital commitments for a multi-manager hedge fund firm to rival the likes of Citadel in the region, according to a person with knowledge of the matter.
Baker is in advanced talks with several potential investors to back his Hong Kong-based, Asia-focused firm, named 30th Century Partners, said the person, asking not to be identified discussing private information. It plans to start trading in June 2024 with eight to 10 investment teams.
Multistrategy hedge funds in Asia had a single annual loss, a 3% decline in 2018, over the past decade. Regional peers that only trade stocks were down in three of those years, while China-focused hedge funds lost money in four — two of those double-digits. Baker is considering an arrangement that will allow the firm to tap capital committed by investors as trading opportunities arise, instead of quickly deploying billions of dollars, which would drag down returns, the person added.
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