Asian hedge funds move into credit
Equities and foreign exchange have traditionally been the playgrounds for hedge funds in Asia. But as bond spreads have tightened in the region, knock-on effects such as the development of a single-name high-yield CDS market are attracting hedge funds to credit, reports Laurence Neville
Hedge funds in Asia have not had a good press. Mahathir Mohamad, former president of Malaysia, famously described them as "highwaymen of the global economy" for what he believed was their role in precipitating and exacerbating the Asian crisis of 1997-1998.
While hedge fund activity since then has primarily focused on foreign exchange and equities, credit and fixed-income funds have been slower to take off. "It is much easier to reflect your view of the region through the equity
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