Ex-Lehman stars launch Korean fund of funds

HFG Korea Fund, a Korean-themed fund of hedge funds, has launched with assets of $22 million. It has a target-size of $300-500 million and target return of 12% per annum net of fees.This is the first product from a new Singapore-based alternative investments firm, co-founded by Tom Picard and Tommy Kim. They reunite in this venture having met at Lehman Brothers where they worked together for several years, at which time Picard was head of derivatives marketing for Asia Pacific and lat…