CSFB's Stonefield in big hedge fund venture

Stephen Stonefield, CSFB's former Asia Pacific chairman, has teamed up with Rene Reiss, ex-Merrill Scientific, to set up a Singapore-based hedge fund, Precise Capital. The team will launch its first product, an Asian model-driven quant fund, in early 2005. Stonefield says that the group will launch with a minimum of $50 million although he expects to raise between $250 to $500 million from institutional investors and private banks at an early stage. The Precise principals have inve…