Specialized asset management firm Dock Street Capital Management (DSCM) has opened an office in Hong Kong.
The firm also named Xiaolian Wang as managing director and head of business development for the Asian region.
The new hire will be based in Hong Kong and will be responsible for all business development and fund raising activities for the Asian region for DSCM.
Wang joins the firm from Investcorp, which offers alternative investment products, where she was a vice president and a member of the investment committee.
"I think the genesis of us looking to expand in Asia came about personnel standpoint, said Patrick Kelly, managing partner at DSCM. Kelly said that he had worked with Wang at MBIA before she had moved to Investcorp. When she opted to relocate to Hong Kong, "we decided that this was a chance for us to work together to take advantage of the growing opportunities in China. She wanted to join a small firm and try to help build a business in Asia around the fixed-income, real estate, and structured finance industries."
The mandate, Kelly said, is to look at all opportunities, including working with investors and businesses in Hong Kong, China and, to an extent, other parts of Asia who are looking to invest in U.S. assets. He added that they have already had some interest from wealthy individuals and family-office types of investors.
For now, these investors have expressed interest in hard assets — specifically real estate and commercial buildings, as well as portfolios of RMBS.
"We are aiming to serve in an advisory role for these investments by building relationships with investors overseas," Kelly said, adding that "the goal is to also help expand their buying opportunities in fixed-income, reducing the current reliance on equities."
"There is also a nascent Chinese market where firms and industries are interested in using securitization as a funding source," Kelly said. "We believe there is a role for us in an advisory capacity for these companies, who don't have the experience or background in securitization, to help get programs established."
There is no short term timetable for the business to take off, it's in the early stages, Kelly said, "We definitely have long-term view in building the business and the relationships that go with it."
DSCM focuses on offering advisory and management services to existing investors in stressed and distressed structured credit products. It offers asset valuation services and, on an advisory basis, works with its clients to develop tailored investment solutions and structural remediations such as public and or private liquidations.
The firm has served as liquidation agent on auctions involving structured credit portfolios with a notional balance of more than $18 billion. It has also been contracted to manage more than $3 billion in structured credit assets by senior investors in distressed CDO vehicles.
DSCM has offices in New York, Westport, Connecticut, and Hong Kong.