Investors should take reports of the launch of “China’s first hedge fund” with a pinch of salt. Private pools of capital with hedgie-like fee structures have been around for ages, often trading commodities futures or offshore equities. But a new offering by E Fund, China’s second-largest asset manager, is significant nonetheless. A month after the securities regulator said it would allow separately managed accounts at registered asset management companies to trade stock index futures, a manager has been granted permission to do just that. As this is China, a dozen copycat funds should be licensed within days. Domestic institutions can therefore start tiptoeing into the realm of equity hedge and relative value: the world’s most popular hedge fund trading strategies.
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