New Star long/short Japan is open for business

New Star Asset Management has opened its long/short Japan fund to investors. The fund is already up and running with between $20m and $40m seed money garnered from three investors. It is run by Michelle Sanders and Alastair MacGregor, who already oversee the Japanese portion of the firm's pan-Asian Asia Renaissance hedge fund. The open-ended Bermuda-domiciled fund, which is using Morgan Stanley as a prime broker, will carry a minimum initial investment of $150,000 and aim for a target size of $150m. The fund, offering quarterly redemption, will carry a fee of 1.5% annual and 20% performance...