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Killing it like a hooker in Hong Kong

Fund info: Myo Capital

I’ve previously posted on these guys in relation to ADM, but here is an update.

General

Myo Capital was founded in 2007 by ex-ADM Justin Ferrier. They started out with USD50mm from an institutional seed investor and aimed to scale up to USD500mm. Unfortunately they may have been a bit early, and from the looks of the website, they might be dead already. Prime broker was Merrill, and ML Asia was selling a lot of crappy paper, so if these guys were enticed into buying any of that stuff… Very little information on these guys. With USD50mm, you would be buying pieces of debt with no hope of control of a company. USD1mm -USD5mm size, and you would think very carefully about putting USD5mm in one deal. They were still alive as of October 2008, so maybe they didn’t invest in anything since they began.

Update: They got funded by Man Group, according to Bloomberg.

Focused on distressed debt, special sits and event driven.

Deals

?????

People

Justin Ferrier
Myo Capital
Justin has 18 years experience in investment management, corporate finance and management consulting, including 8 years with ADM Capital where he was a director and member of the investment committee; 8 years in corporate finance advisory with the S.G. Warburg group in Australia and Indonesia, and Peregrine Capital in Hong Kong; and 2 years with Andersen Consulting as a management consultant. Justin has an MBA from Monash University, a graduate diploma in Applied Finance and Investment from the Securities Institute of Australia and a BSc from the University of South Australia. He is also an associate CPA (Australia) and a fellow of the Financial Services Institute of Australia.

Geoff Lee
Prior to setting up Myo Capital in 2007, Geoff was a Director and Head of Asian Investments at HSBC Alternative Proprietary Investments Limited in HK, whose mandate is to invest in the alternative assets space globally. He was responsible for managing the Asian investment team and portfolio, and developing and implementing the fund’s Asian investment strategy. From 2004 to 2006, Geoff was a Director at CLSA Capital Partners’ Mezzanine Fund in HK with primary responsibility for North Asia. Geoff has 8 years experience in corporate finance with HSBC Investment Bank and with Peregrine Capital in HK where he worked on a wide range of M&A and international capital raising assignments across the Asia-Pacific region.

Julius Jurianto

Seems to have quit to join Rajasa and Partners law firm in Indonesia.

Of Counsel

We are now retaining Julius Jurianto as our of counsel. When necessary, Julius will assist us in rendering services in the areas of banking, finance, merger and acquisition, and investment.

Julius previously worked with a British private equity firm as part of a small team covering investment portfolio in South East Asia. He was mainly responsible for the workouts and recoveries of troubled investments and provided valuation recommendations and transaction supports for divestments of the portfolio. He started his career with KPMG and subsequently practiced law for several years in Jakarta, during which time he was mostly involved in project finance, privatization, debt restructuring, and litigious proceedings at the bankruptcy court.

Julius read law at the University of Indonesia and Louisiana State University, Baton Rouge, and he also obtained a degree in accountancy from Atma Jaya University and a master degree from Durham Business School in the UK. He is admitted to practice law in Indonesia, a member of the Indonesian Bar Association, and also holds the Chartered Financial Analyst designation.

Entities

Myo Capital Fund Limited

March 25, 2009 Posted by | Hedge Fund, Hong Kong | , , , , , , , | 1 Comment

ADM Capital: What happened last year?

Asia Debt Management, one of the oldest Asian distressed debt funds, seems to have had a rather bad year last year. From what I can tell, the fund missed its 15% hurdle, and had a few senior people leave.  It seems like the top dogs stayed on, but the thirty somethings, the core of the fund business, seem to have evaporated.

Justin Ferrier ends up in Myo capital, Mary Schroeder joins Och Ziff. That leaves you with the just the 4 principals of the fund. I’m not sure which deals blew up on them, but they did some darn innovative work along the way, one of the first Indian restructurings led by a foreign party, and all sizes of stuff all over South East Asia.

Mary Schroeder

Mary Schroeder is a corporate recovery consultant with substantial experience implementing debt restructuring plans and performing forensic accounting of financially distressed companies in the U.S. and in Hong Kong. Prior to joining ADM, Mary worked for KPMG’s Corporate Turnaround Department for five years, where she was involved in the refinancing of a PRC oil refinery, liquidation of an U.S. auto parts manufacturer, and the asset sales program of a Hong Kong construction company. Prior to joining this group, she worked in KPMG’s Assurance Services Department as an auditor. Mary is a graduate of the University of Notre Dame, where she obtained double degrees in Business Administration and Chinese Studies.

Mr Christopher Botsford,

Co-founder and CEO, ADM Capital
Christopher Botsford is a co-founder of ADM Capital, CEO of ADM Capital and a member of ADM Capital’s Investment Committee. Before establishing ADM Capital, Chris ran the Asia-Pacific regional debt and derivatives operation for Republic National Bank of New York. In 1995, he was a founding board member of the Asian arm of the International Swaps and Derivatives Association, the self-governing body for the derivatives industry. Chris holds an MA and BA from Cambridge University.

Hong Kong-based hedge fund firm Myo Capital is gearing up to launch an Asian-focused fund that will focus on undervalued credit strategies.

The Myo Capital Master Fund is set to debut on April 1 with $50 million in assets under management, according to Asian Investor.  The new Asian-focused (ex-Japan) vehicle will have four sub-strategies including high-yield credit, distressed, special situations and event driven.

The new fund is being headed up by Justin Ferrier, a former director at hedge fund shop ADM Capital.

“For example, if we are looking at a distressed credit, our Thai or Indonesian analyst will provide local intelligence, while Alfred, our trader, provides the market pricing and can source the credit from a large number of participants,” Ferrier told Asian Investor.

Other principals in the fund include Geoff Lee, who previously worked with Ferrier at Peregrine Capital and will run the special situations portfolio for the new fund; and Alfred Miu, formerly with UBS’s global credit strategies group, who will run the high-yield portion of the fund. In all, there will be 12 members of the team.

The fund is targeting returns of 13-15% net, with a volatility of 7% and a Sharpe ratio of 1.5-2. To start, it will not use leverage, but add use up to 150% as time goes on. The fund has a target close of $500 million.

Merrill Lynch will serve as prime broker for the new Myo fund; Maples and Calder and Simmons & Simmons will serve as lawyers; and HSBC will be the administrator.

April 11, 2008 Posted by | Hedge Fund | , , , , | 2 Comments