AXA IM HK-based hedge fund unit terminates, CIO departs
AXA’s investment arm has shut down its Hong Kong-based hedge fund division, Chorus, in recent weeks, and its chief investment officer Hector Chan has left the firm in early June, AXA Investment Managers confirmed with AsianInvestor.
“We confirm that AXA, which was the main investor in the two AXA IM Chorus Luxembourg funds launched in 2017, has redeemed its shares in recent weeks. This has resulted in the liquidation of the funds, which in turn led to the termination of the AXA IM Chorus business,” a spokesperson of AXA IM told AsianInvestor.
Chan joined AXA IM Chorus from Goldman Sachs as one of its founding members in April 2016, together with Pierre-Emmanuel Juillard, who built and headed Chorus. Chan joined as co-CIO and became the sole CIO in August 2019.
Before joining AXA IM, Chan was with Goldman Sachs for six years across several senior roles, including head of fixed income, currencies and commodities structuring. He also worked for BNP Paribas for over five years across Asia, including Hong Kong, Shanghai, and India.
Chan couldn’t be reached for comment. AXA IM declined to comment on the reasons for the shutdown.
The AXA IM Chorus team was based in Hong Kong, with over 20 members before mid-2019, and $1.3 billion in assets across equities, options, and foreign exchange swaps.
As of the end of 2022, there were only five members left.
Two senior managers who left AXA IM Chorus earlier this year include head of intraday research Thomas Barrau and head of quantitative research Augustin Landier, AXA IM confirmed.
Barrau left the French firm in April 2023 after almost six years. He served in several research roles and was most recently responsible for developing the intraday portfolio.
According to his LinkedIn, Barrau is now a portfolio manager with London-based multi-strategy hedge fund manager Eisler Capital and has relocated from Hong Kong to Milan, following the steps of Pierre-Emmanuel Juillard.
Barrau didn’t respond to a request for comment, and Juillard couldn’t be reached.
Bloomberg reported in April that Juillard, who built and headed the AXA IM Chorus team since 2016, was joining Eisler Capital as a portfolio manager together with four members of his Chorus team.
Juillard has over 27 years of industry experience and worked at AXA IM from 1999 to 2010. Before rejoining AXA IM in 2016, he was with Goldman Sachs in Hong Kong, where he was a partner and head of fixed income, currencies, commodities, equities and fund structuring in Asia Pacific.
Former head of quantitative research Augustin Landier remains a visiting professor at the Harvard Business School. He is now also a professor of finance at business school HEC Paris.
Other members who left Chorus earlier this year include assistant portfolio managers Song Yunpeng and Teng Wai Li.