SINGAPORE: York Capital Management’s move to exit most of its hedge fund business will lead to the creation of a new Asia-based firm with US$2.7bil of assets, according to a letter to investors.
The Asia unit will be spun off next year and renamed MY Alpha Management. It will be led by Hong Kong-based regional chief investment officer Masahiko Yamaguchi, according to a letter from York’s chief executive officer Jamie Dinan and Yamaguchi. Jonathan Gasthalter, a New York-based spokesman for the firm, declined to comment.