ING Investment Management launched an emerging manager fund last month and is expected to open it to outside investors later this year. Additionally, the firm is considering launching three new single-manager hedge funds, devoted to absolute return, macro and credit/event driven relative value strategies.
The emerging manager fund, managed by Harold Yoon in New York, has thus far seeded a few managers and is planning several more to reach a desired level of diversification before opening to outside investors, said Sara Michel, relationship manager for alternative assets. Ruben Chen, who reports to Yoon, is an integral part of the manager selection process due to his experience in the field, Michel added. Chen joined the firm from JPMorgan‘s incubator program last summer (AIN, 8/22).
The multi-strategy fund would likely be launched by the firm’s Atlanta unit this summer and would focus on fixed-income securities including bonds and related derivatives. Jim Kauffman is slated to manage the fund. A phone call to him was not returned.
The macro fund, which would launch out of Belgium, could focus on interest rates and currencies, while the credit/event-driven relative value fund would have a multi-strategy approach.
Investment minimums, management fees, performance fee, lockup provisions and prime broker have not been determined for any of the funds.