Myriad Fund cleared for launch

Carl Huttenlocher received a license to launch Myriad Asset Management this December, three months later than planned.

Myriad is seeking to raise up to US$2 billion by the end of the second quarter for an Asian-Pacific multistrategy fund that will invest in corporate securities ranging from equities, convertible debt and corporate bonds to credit and equity derivatives. It could be one of the biggest Asia-focused hedge fund start-ups.

The Myriad Opportunities Master Fund Ltd. has received $300 million from Mr. Huttenlocher and a family office he declined to name.

Scott Gaynor, previously chief operating officer for Morgan Stanley Asia, will take that role at Myriad.

Hong Kong's Securities & Futures Commission delayed the launch of Myriad, originally scheduled for Sept. 1, because it was exploring allegations that Mr. Huttenlocher, orothers working for his fund, had improperly valued illiquid assets–among other actions–during the financial crisis in 2008 and its aftermath.

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Tags: fund launching, asset management, hedge fund