New start-up Saka Capital outsources corporate governance

Saka Capital, a Singapore-based credit hedge fund that launched in October, has appointed Carne Global Financial Services to provide it with directorship services.

Peter Heaps, managing director of Carne Cayman Islands, has been appointed non-executive director on Saka's board.

"We recognise the importance of having robust corporate governance systems in place while delivering strong performance for our investors," says Saka founder, chief executive and chief investment officer Assan Din. "Both are now essential in today's competitive landscape. Carne is a well-known advisor in this field and is closely aligned with our objectives for satisfying investors' requirements."

The Saka Capital Liquid Credit Fund returned 3.12% net of fees and costs in January and targets annual returns of 15%. It has a master fund available to US investors and a feeder fund available to non-US investors. The fund invests in the Asian credit markets, using corporate bonds and derivatives, convertible debt, credit indices and options, with a focus on liquid assets.

Saka's team has an average of 15 years' experience in trading, risk management, operations and sales. Din was previously a senior partner at R3 Capital Partners. Before that, he was head of European and Asian trading for Lehman Brothers Global Principal Strategies, an $8 billion principal-investment group.

Saka is not the only new fund eyeing Asian credit opportunities. Guan Ong, former CIO of Korea Investment Corporation, set up Blue Rice Investment Management in Singapore late last year and launched the Brim Asian Credit Fund. And Moe Ibrahim launched the 3 Degrees Credit Opportunities Fund in the Lion City in January.