Hedge fund veteran backs Singapore- based GNY

Singapore

NICHOLAS Allan, co-founder of one of Asia's earliest hedge funds, is backing a fledgling Singapore-based firm even as investors are fleeing the industry amid sub-par returns.

Mr Allan, who helped start Boyer Allan Investment Management in 1998, is coming in as an investor and adviser to the new GNY Asia Fund, portfolio manager Amit Sharma said in an interview. The GNY fund, which will bet on and against Asian stocks, will get the majority of its seed money from strategic investors in the Middle East, Mr Sharma said, without identifying them.