Indus Launches:

Established by former partners of the Asian equities team at Soros Fund Management, the firm launches with $70 million in assets in two long/short strategies and a global team spanning New York, Tokyo, and Hong Kong.

China's Accession to the World Trade Organization:

Entry marks a significant shift in China’s economic integration with the global economy, leading to increased trade and investment flows. Western investors start contemplating dedicated Asian allocations in their portfolios.

SARS Outbreak:

The epidemic significantly impacts economies in Asia, particularly in China, Hong Kong, and Singapore, due to reduced travel and trade. Market participants ponder if Asia will ever recover from this shock.

Indus launches the Indus Pacific Opportunities Strategy – the firm’s first-ever pan Asian strategy – managed by Byron Gill.

China becomes Asia's Largest Economy:

Surpassing Japan as the largest economy in Asia, China’s rapid growth marks a significant shift in regional and global economic power dynamics. Investor demand for Asian strategies remains strong, boosting Indus’ growth.

Global Financial Crisis:

Although many Asian economies (including China and India) are resilient, the crisis impacts trade and investment flows. Asian hedge funds post smaller losses than their U.S. counterparts, and Indus sees continued strong commitment from its clients, despite a very challenging performance year and net outflows for the industry.

Indus launches the Indus Select Strategy – the firm’s first-ever long only strategy –managed by John Pinkel.

Indus launches the Indus Japan Long Only Strategy

Golden Decade of Asian E-Commerce:

The rapid growth of e-commerce platforms like Alibaba in China and Lazada in Southeast Asia transforms retail and logistics in the region. The Indus team builds deep knowledge of the sector, investing in many companies in the area, including becoming one of the top shareholders in Alibaba’s IPO in 2014.

The scandal at Olympus in Japan breaks out involving a long-running accounting fraud. Indus Capital becomes a shareholder following the scandal and gets successfully involved in the company’s board restructuring, rising from its concerns about Olympus’ corporate governance and lack of independent oversight. The scandal highlighted serious flaws in Japanese corporate culture, leading to calls for greater accountability and transparency, and prompting a debate on corporate governance in Japanese companies.

Indus’ funds, especially in Japan, experience significant growth as Abenomics ushers a new era of change and corporate governance in Japan leading to strong investor interest in Japanese equities. Japan-dedicated assets under management double in next few years.

Indus welcomes Brian Lee as its new CRO and revamps its risk management process.

Indus intervenes in an apparent corporate governance breakdown at Japanese Lixil Corporation (5938 JP) by working relentlessly with other shareholders to successfully reinstate the company’s pushed-out CEO, Kinya Seto. Mr. Seto goes on to reform the company and deliver strong business performance in subsequent years.

Hong Kong Protests and COVID-19 Pandemic:

Hong Kong protests, followed by the COVID-19 pandemic, have significant economic implications, affecting tourism, retail, and financial services in the region. Office visits slow down, and Indus team in Hong Kong adjusts to work-from-home arrangements, with few team members having to stay in mainland China during the shutdown.

Indus turns 20 during the pandemic which prevents its global team from being able to visit each other across Asia and North America for over a year. The entire team adjusts to a remote work environment but benefits from having a global presence and the ability to continue to generate on-the-ground insights from opposite corners of the globe. The team successfully relies on its proven strategy of sharing ideas cross-regionally, leading to the firm’s continued success.

Trade Tensions and Supply Chain Shifts:

Ongoing trade tensions between the U.S. and China intensify, and together with the aftermath of the COVID pandemic, lead to shifts in Asian supply chains, particularly in strategic industries including technology and semiconductors. Indus strategically responds by making key changes in its portfolios, pivoting towards businesses and geographies that are beneficiaries of reimagined supply chains.

The firm continues to expand its equity ownership through partner promotions and launches its principal program. Nearly half of the firm’s employees begin participating in the firm’s success through equity ownership and equity participation. Indus’ hedge fund strategies deliver strong performance and downside protection, in what is a challenging year for the Asian markets.

Japan Corporate Governance Overhaul:

Investor demand for Japanese and pan Asian equities surge including strong interest in Indus’ strategies and the firm’s long-tenured approach in Japan. The Tokyo Stock Exchange (TSE) announces an initiative to require companies with a price-to-book (P/B) ratio consistently below 1x to disclose their policies and specific initiatives for improvement.

The start of a corporate governance renaissance takes place across the region, with Korea and China announcing their own corporate governance reforms and capital market measures.

The firm celebrates 25 years of dedication to discovering opportunities across Asia and delivering returns to investors globally. Global trade wars reach a new stage with daily volatility and uncertainty clouding capital markets. Global asset rotation follows highlighting the need for experienced and specialist skill sets in the Asia Pacific region.