Ed Rogers, who headed Deutsche Bank's prime services business in Japan through May and now runs, is planning to launch a $500 million Japan hedge fund-of-funds and is working with Wolver Hill Asset Management to raise the money, Bloomberg reports.

Rogers believes the timing for the fund is opportune, as Japan's economy is finally starting to recover after a 14-year decline. He also noted that the fund, to be called Wolver Hill Japan Multi-Strategy Fund, will be a good diversifier for U.S. and European investors' portfolios, as Japan's economy generally works independent of those regions' economies.

The fund will be the first hedge fund run out of Japan that is open to U.S. investors, Rogers said. It will invest in 10 to 20 Japan-focused hedge funds, with half of its assets in equities and half in arbitrage funds. In February, Rogers plans to introduce as Asia hedge fund-of-funds.

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