Hedge Fund Asia Offices
A Dozen Multi-Billion Dollar Hedge Funds Open Asia Offices
A number of funds of hedge funds are also planning offices in the Asian cities, Dan McNicholas, head of Asia financing sales at Merrill Lynch said. McNicholas spoke in a Bloomberg Television interview without mentioning any names.
Hedge-fund managers have been tempted by Hong Kong’s regulatory environment, the region’s economic growth and potential investment opportunities as U.S. and Europe have proposed to increase taxes on the financial industry. London Mayor Boris Johnson said that as many as 9,000 bankers may leave the U.K. capital’s financial district as a result of a 50 percent tax on bonuses announced last month.
Asia is also expected to absorb a larger proportion of global hedge fund inflows than it historically received as funds need to correct their under-allocations to the region, he said. More than 15 percent of the $50 billion to $100 billion of hedge fund inflows expected in the first quarter may go to Asia, McNicholas said. Source
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