Korea Post's $45 billion Postal Insurance Bureau, Seoul, hired SkyBridge Capital to manage $50 million in a hedge fund-of-funds strategy, confirmed Jinho Lee, a senior investment manager, global alternative investment, with the insurance bureau.
Mr. Lee said funding comes from an increase in the Postal Insurance Bureau's assets, which has led to an increase in allocations to hedge funds as well as other asset classes.
He said SkyBridge was selected from among three finalists. He declined to name the other firms. Korea Post issued an RFP for the hedge fund of funds in July.
In a telephone interview, Ray Nolte, co-managing partner, chief investment officer and portfolio manager at SkyBridge, declined to discuss the Korea Post mandate. But he said SkyBridge’s thematic, high conviction multistrat approach to hedge fund of funds is garnering growing interest in Asia-Pacific, helped by efforts to forge relationships in the region, such as the strategic partnership with Seoul-based Woori Investment & Securities announced last July.
According to SkyBridge's website, the firm had $9.3 billion in assets under management or advisement as of Nov. 30.