Guard Capital Management, a hedge fund start-up by two top traders formerly with Goldman Sachs and Noble Group, aims to launch in July and has hired at least four executives.

Guard Capital Management, a hedge fund start-up by two top traders formerly with Goldman Sachs and Noble Group, aims to launch in July and has hired at least four executives, according to the Straits Times (of Singapore), quoting an unnamed source.

The report said the The hedge fund is being led by Leland Lim, who was the co-head of macro trading for Asia Pacific ex-Japan at Goldman Sachs Group Inc, and Allan Bedwick, the former head of macro trading in Asia for Noble Group.

The Hong Kong-based macro hedge fund has hired Matthew Edwards from Grosvenor Capital Management as head of business development, while Freda Chan, the former chief operating officer of fund of hedge funds Vision Investment, has joined as the head of operations, the report said.

Recent figures show that hedge fund performance around the world rebounded last month from a slight decline in April with an industry returned of 1.23 per cent during the month and is up 2.2 per cent year-to-date, according to a new report from eVestment, a provider of institutional investment data information. In late May, Michael Levin, the head of alternatives for private banking at Credit Suisse in the Asia-Pacific, was quoted as saying that said ultra high net worth individuals were thinking of raising exposure to hedge funds and reducing holdings of investment-grade debt, after the latter asset class suffered a poor past 12 months for performance.