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Yip Ka-hay, the highly-regarded former portfolio manager from SAC Advisors, launched in February his Asia macro fund focused on currencies and rates, under the moniker of Bright Stream Capital Management.
The Cayman-registered Bright Stream Macro Fund, which has an estimated $1 billion in capacity, started with about $40 million - most of which is understood to have come from Yip himself.
The new strategy focuses mostly on FX and rates and targets an annual return 8-10% higher than the prevailing US Fed fund rate.
Yip used to run SAC's regional macro investments from Hong Kong, having joined the firm in 2007. He left SAC in 2009 to manage his own investments. Prior...