Tribeca partners for new fund, hires lead

The Sydney boutique has partnered with an advisory firm to launch a new fund that will invest in Asian credit.

The Tribeca Vanda Asian Credit Fund will be managed by John Stover who joins from global multi-strategy hedge fund Farallon Capital.

The fund will invest in bonds, loans and convertible securities.

It will be managed by Tribeca's Singapore entity which holds a capital market services license from the Monetary Authority of Singapore, while Goldman Sachs is the primary broker. Tribeca's partner for the fund is the macroeconomic advisory firm Vanda Securities.

A prominent Singaporean family office with a track record of backing early stage hedge funds has injected $50 million as seed capital, Tribeca said in a statement.

Stover has worked at Farallon's San Francisco headquarters for a decade, investing capital on behalf of the firm's global and Asian-focused funds across credit, direct investments and long-short equities in sectors such as metals and mining, energy and industrials.

Tribeca Investment Partners manages $1.7 billion across long-only and alternative strategies in global equities and credit. It is headquartered in Sydney with offices in London and Singapore.

Tribeca chief executive Ben Cleary said: "Tribeca is well known for its fundamental investment approach and we are very excited to work with John, who shares a similar investment approach and has demonstrated the ability to capture returns from Asian credit throughout cycles."

"Tribeca is already an active investor in both public and private credit in the Asia Pacific region, particularly in the natural resources sector and the addition of the new fund is very complimentary to our existing product offerings."

Vanda Securities chair Jason Ambrose said: "When viewed through the lens of a global asset allocator, Asian credit offers extremely attractive risk adjusted returns in terms of yield and trading opportunities."

"However, it is an extremely nuanced sub-sector given the notable influence of developed market macro policy and capital flows. John's background and experience having worked in the region for a global player like Farallon, has given him unique macro and fundamental perspectives to take full advantage of the returns on offer."

Earlier this month, a different Tribeca fund that invest in long short equities shed its long-standing co-portfolio manager and a quant analyst.

Read more: TribecaCreditAsiaHedge fundBoutiqueTribeca Investment PartnersBen ClearyJohn Stover
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