Ex-Macquarie Asia team, Stonehorn Global Partners, has announced it has raised over $300 million in assets under management (AUM) in its first year from institutional and professional investors from Europe, Asia and Australia and that the fund has over $700 million at ‘advanced stages’ in the pipeline from investors around the world.
The Stonehorn team, who met at Macquarie in 2008 where they co-founded the long-only Macquarie Asian Listed Equities business, included Sam Lecornu, executive director and head of investments, Duke Lo, a portfolio manager and John Lam senior analyst and they collectively managed up to $4 billion in AUM.
The company, which is currently backed by the Schwartz family office, Trawalla Capital, led by Alan and Carol Schwartz, who was a cornerstone investor in Stonehorn, has announced a recruitment of Jonathon Goll, an Australian based distribution specialist, to launch the Stonehorn Asia Fund to Australian-based institutions (professional investors only), which would include industry super funds, wealth managers and high net worth professional investors.
Lecornu said that from a western perspective, there was low trust in China’s government, negative perceptions of Chinese attitudes towards corporate governance, poorly understood social and environmental obligations and questions over market access and because of that investing in places like China and India entailed risks that did not arise in the west therefore many western investors remained sceptical of the “China model”.
“It is this complex geopolitical environment combined with the industrialisation of the most populous nation on earth that forms the essence of the Stonehorn pitch: to be the western investor’s eyes and ears on the ground in Asia, navigating the complexity with a steady hand whilst taking advantage of the enormous opportunities with a keen yet discerning eye,” he said.
“Having worked in Hong Kong, Sydney, Singapore and the U.S., I’m looking forward to helping Australian-based investors develop a better appreciation of the kinds of new economy opportunities in Asia that you just don’t get in the west, and usually not at the same prices. It’s very exciting.”
