Korea’s Woori Investment & Securities is launching a global macro hedge fund in Singapore that will seek foreign exchange opportunities.
The Woori Absolute Global Opportunity Fund will be seeded with $35 million for investment in relative value and absolute return strategies in global currencies, fixed income and commodities.
Mr Kuen-Cheol Song, one of three managing partners of the hedge fund business, tells Squawkbox that foreign exchange strategies will focus on G7 and Asian currencies. Trading opportunities are expected from central banks’ use of foreign exchange and monetary policies to fight against stagflation, he says.
The firm is also launching an Asian multi-strategy hedge fund with $60 million in seed capital. The other two managing partners are Jong Chol Han and James Jung-Beck Kim.
Woori Investment & Securities was established in April 2005 when Woori Securities and LG Investment & Securities merged.