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Jumat, 11 Februari 2011

Bakrie Group’s Ridwan Plans Indonesia-Focused Stock Hedge Fund - Bloomberg

Edwin Ridwan, who helped set up the proprietary equity trading desk of Bakrie Group last year, is seeking capital to start an Indonesia-focused hedge fund that will bet on rising stocks.

Ridwan, 41, is in talks with the Bakrie Group, a palm oil- to-property empire controlled by Indonesian billionaire politician Aburizal Bakrie and his brothers, to set up the hedge fund, he said in an interview from Jakarta. Siddharta Moersjid, a spokesman for Jakarta-based PT Bakrie & Brothers, said he couldn’t give any information at this stage.

“I’m hoping to raise this fund, if possible, with the Bakrie Group,” Ridwan said. “It’s tough to find seeders from the local market; most people don’t even know what a hedge fund is.”

HB Capital Partners’ Komodo Fund is currently the only Indonesia-focused hedge fund managed from Jakarta, according to funds tracked by Bloomberg. Bakrie & Brothers, the holding company for several listed Bakrie Group units, said in December 2009 that it planned to start new funds aimed at foreign investors.

The trading desk that Ridwan set up in November is investing Bakrie Group’s capital in equities and aims to eventually manage third-party money, he said. Ridwan said he hopes to start the fund, to be called Amandana Capital, within six months and is seeking $10 million to $15 million in seed capital, in return for a stake in the management firm or a share of the fees that it earns. He aims to raise $50 million to $100 million from investors during the fund’s first year, he said.

The fund will bet on rising prices of companies earning most of their revenue from Indonesia or have a majority of their assets there, he said. The companies the fund can invest in may include Singapore-based Petra Foods Ltd., the largest supplier of chocolate products to Indonesia, and London-based Churchill Mining Plc, owner of a thermal coal project in Indonesia. more ...

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