SHK Fund Management, a unit of Sun Hung Kai in Hong Kong, is marketing a US mortgage-backed securities fund for the second time. It first introduced the fund last summer as the first and so far only product under its alternative investment division, raising $220 million. But the fund's returns failed to meet its targets. Now SHK has brought out the fund's New York-based manager, both to explain and to raise new funds, because this strategy is designed to take advantage of the current difficulties in the US economy.
Although offered to regional investors under the SHK name, the fund is actually managed by Michael Farrell, chairman and CEO of Fixed Income Discount...
