HONG KONG (Reuters) - Former Goldman Sachs Group Inc trader Andrew Wang is preparing to launch an Asia hedge fund that will bet mainly on the coveted combination of Chinese and Japanese shares, people familiar with the matter said.
Asia has dozens of hedge funds investing into both countries separately but funds that combine the two are rare.
Wang, a Chinese who speaks fluent Japanese, left the Wall Street bank earlier this year. The Hong Kong market regulator last week granted a license to his Redstar Auspicious Capital Management to start the fund.
Wang is currently in talks with investors and aims to raise $50 million to $100 million to launch by early next year, said the people who work in the industry but who declined to be named as details about the fund are confidential.
The fund targets a 20 percent annual return.
Redstar executives were not immediately available for comment.
(Reporting by Nishant Kumar; Editing by Miral Fahmy)