Soros Fund Management LLC, the $25 billion hedge-fund firm founded by billionaire investor George Soros, plans to open an office in Hong Kong amid a resurgence in the region’s hedge fund industry, FT reported, citing a source familiar with the matter as saying.
The report said Soros is not alone in eyeing Hong Kong as a base. A number of other hedge funds, asset managers and banks from New York and London are also considering opening offices in the former British colony.
The arrivals will certainly mark a reversal of the trend in the last 24 months when international hedge-fund managers closed down or downsized offices in Asia amid investment losses and redemptions globally.
Soros Fund, which is no longer actively managed by Mr. Soros, has hired James Chang, a manager from Tiger Asia Management in New York, to run its Asian office, which was likely to become operational in the first quarter of 2010.
Of the 1,156 hedge funds in Asia, some 228 are based in Hong Kong.
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