Conyers Dill & Pearman acted in the establishment of a Bermuda insurance-linked securities (ILS) investment fund for Asuka Asset Management Co., Ltd. which launched in early October 2012 with an initial seed investment of approximately US$40 million. The master-feeder fund structure with Asuka ILS Opportunities Unit Trust (a Bermuda unit trust) initially targeting sophisticated and institutional investors in Japan will feed into a Bermuda master mutual fund company, Asuka ILS Opportunities Fund Ltd. The ILS fund will be sub-managed by investment manager Eastpoint Asset Management Ltd. based in Hamilton, Bermuda and headed by its CEO, Masahide Kitade, previously Regional Director/Head of Japan Business at Aon Asia and his experienced team. ILS Fund Services Ltd. is the appointed fund administrator in Bermuda. The Asuka flagship ILS vehicle adds to the growing stable of ILS funds and fund managers drawn to Bermuda’s niche reputation in the ILS funds space with a unique focus on the Japanese and Asian markets.
Peter Ch’ng and Chris Page of Conyers’ Bermuda office acted for Asuka and Eastpoint in association with Japanese fund lawyers, Anderson Mori & Tomotsune. Asuka is an independent asset management company based in Japan that offers global investment businesses. Asuka was formerly the Japanese subsidiary of Tudor Investment Corporation, a major American hedge fund. It changed the name to Asuka Asset Management in July 2002 as a result of a management buyout and has an asset under management of US$700 million, primarily from Japanese and Asian investors.