Schonfeld to start second equity unit focusing on Asia-Pacific
Triwood Asset Management’s operations will be spread across Hong Kong, Tokyo, Singapore and New York
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[TOKYO] Schonfeld Strategic Advisors is creating a second equities unit, focusing on Asia-Pacific markets, becoming the latest multistrategy hedge fund to operate multiple stock-picking businesses.
The New York-based firm is launching Triwood Asset Management, which will pursue a long-short equity strategy in Asia and be led by veteran portfolio manager Yasuhiro Tamaki, according to an internal memo seen by Bloomberg. Triwood will start with Tamaki and around 30 staff who already report to him, plus new hires, Schonfeld chief executive officer Ryan Tolkin said in the note.
Tamaki, who is based in Hong Kong, will continue to run his Japan-focused book while taking on his new responsibilities. Triwood’s operations will be spread across Hong Kong, Tokyo, Singapore and New York, according to the memo. Both Triwood and the Global Equities business, which will operate independently in the Asia-Pacific region, will report to Tolkin.
A Schonfeld representative declined to comment.
Multistrategy, multimanager hedge fund firms have grown assets rapidly in recent years and are expanding their equities operations into multiple units. Point72 Asset Management began its Valist Asset Management unit at the beginning of this year. Citadel has several stock-picking businesses, including Surveyor Capital and Ashler Capital. Balyasny Asset Management has an equities unit named Corbets Capital and another called Longaeva Partners.
Schonfeld, which manages around US$17.5 billion, made its first foray into Asia-Pacific in 2016 with an investment in Folger Hill Asset Management, which it later took over in 2018. Schonfeld has around 200 employees in the region, with its largest office in Hong Kong.
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The move to focus on Asia equities comes as several markets in the region stage a comeback. Japanese stocks are hovering at a record as deflation ends and corporate governance reforms take hold, while benchmark indexes in South Korea and Taiwan have outperformed the S&P 500 in the past year.
Volatility from geopolitical uncertainty and tariffs has also created price swings that are providing trading opportunities. BLOOMBERG
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