Hong Kong Jockey Club buys hedge funds

Laying to rest much industry speculation, the Hong Kong Jockey Club has confirmed that it will invest about $100 million in funds of hedge funds in early May. Two US-based funds will receive the allocations following a due diligence exercise lasting more than nine months. The move is a bold but well overdue step into the world of alternative investments for the habitually conservative Jockey Club. It is expected that other plan sponsors in Hong Kong and surrounding Asian countries …