Hong Kong-based asset management firm, Enhanced Investment Products Ltd. (EIP) announces strong results despite the current economic climate demonstrating that its market neutral Overlay Fund offers absolute returns. Year-end results show the EIP Overlay fund is up 17.31 percent, in comparison to the MSCI Emerging Asia Index which was down -54.09 percent (January to December 2008).
The last two years of fund performance alone have seen a cumulative return of 44.18 percent and Sharpe Ratio of 1.63. Since its inception six and a half years ago the EIP Overlay fund has shown steady growth and the fund is now up 96.10 percent.
EIP’s ability to provide solid returns despite market conditions has been achieved by a trading team with over 50 years collective experience in Asian investments. A new addition to the trading team is Yvon Choi. Joining EIP as Senior Portfolio Manager, Choi will develop investment opportunities in the equity derivatives and convertible bonds (CB) markets.
Korean-French, Choi was educated in Paris and graduated from Ecole Centrale with an Engineering degree from where he promptly joined BNP Paribas in 1994. During the seven years he was with the bank he worked both in Paris and London in project finance and then on the proprietary trading desk where he finally developed its Asian CB proprietary functions. From BNP Paribas he moved to Hong Kong as Head of Asian CB and Volatility trading for Nomura International, Asset Investment Group. Four years later, he joined a $10 billion US hedge fund as Managing Director, Head of Trading which he left last year to set up his own hedge fund, Middle Island Capital. Due to economic climate conditions Choi shut his fund and joined EIP in January 2009.
Choi said: “I am very much looking forward to applying my expertise to EIP. The firm is growing in a difficult environment which shows its solid foundations. My experience will allow the firm to broaden its trading strategies to capture returns in any market environment. I will also be able to participate in the development of the company at this stage.”
Tobias Bland, CEO at EIP said: “Yvon’s skill set is very much focused on convertible bonds and volatility trading which will be a welcome addition to EIP’s trading desk. EIP’s investment team are all from an institutional proprietary trading background, which means they understand hedging which has been one of the reasons for a stellar set of results. Yvon and the team have skill sets in event driven, delta one, convertible bonds and volatility trading which will allow EIP to launch and manage a variety of strategies in different market conditions.”
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