International law firm Walkers was pleased to advise City Financial on the launch of Counterpoint, its Asian Macro hedge fund. With assets of over US$120 million, Counterpoint is one of the largest Asian hedge funds – and the biggest Asia Macro fund – to launch in the past 12 months.
Walkers provided legal advice on matters of Cayman Islands law to City Financial Investment Company (Hong Kong) Limited, with partner Jasmine Amaria leading the team from Walkers’ London office. Dechert acted as lead counsel and the Counterpoint Asian Macro Fund is managed by Geoffrey Barker.
The fund launch was notable in that there was no seed investor, with capital coming from a combination of investors in Mr. Barker’s previous fund and from new investors.
“Walkers was delighted to assist Counterpoint on one the highest profile fund launches for 2014 in Asia,” said Jasmine Amaria, partner in Walkers’ Global Investment Funds Group. “This deal is indicative of the uptick in work that we are seeing across our international funds practice, as investors continue to show support for entrepreneurial managers with a strong track record.”
City Financial said the fund is a discretionary macro strategy focused on investment opportunities driven by the markets and economies of Asia-Pacific. Its investment objective is to achieve annual double-digit returns over the course of a cycle of five to seven years, with low leverage and ready liquidity.