Nomura close to launching Asia-focused hedge fund

Nomura Holdings (8604.TO) is close to launching an Asia-focused hedge fund, people familiar with the situation said Wednesday.
The Japanese brokerage has committed US$200 million in seed money to the fund, which is being managed by former Lehman Brothers Holdings employees, one person said. Nomura bought Lehman's Asian and European operations last year and is in the midst of digesting its acquisition.
Trading for the new fund is slated to begin trading April 6, the person said. The intention is to spin out the fund into an independent entity at a later date.
The firm's hedge fund investments have turned out to be liabilities this year. Nomura took a JPY43 billion writedown on its 15% stake in U.S. hedge fund Fortress Investment Group in January. The Japanese broker is also among the biggest victims of Bernard Madoff's US$50 billion ponzi scheme.
Lehman Brothers, in its heyday, had lots of hedge fund interests. It founded and later spun off GLG Partners Inc. and remained the fund's largest shareholder with a 13.7% stake at the time of its bankruptcy filing.