Christopher Glynn
GLG Partners went ahead with its planned Asia office Thursday in order to establish itself in a region the hedge fund industry has judged to be a wide open market.
The London company, known as a premier hedge fund operation in Europe, said it opened an office in Hong Kong, a global city with an economy separate from mainland China.
GLG also said it expected to open a so-called representative office in Beijing.
Anuj Mutereja, a portfolio manager, is relocating to Hong Kong, the company noted.
A week ago, Soros Fund Management, run buy outspoken hedge fund legend George Soros, opened a site in Hong Kong. The company, headquartered in New York, is considering putting James Chang and Dai Jixin in charge of the operation.
A business fascinated with global expansion, the hedge fund industry, righting itself from its worst ever annual performance in 2008, is talking up China, as well as Asia, as a massive untapped customer base.
But the asset class has experienced lukewarm success at breaking into the region. Citadel Investment Group, Deephaven Capital Management, Och Ziff Capital Management and Ramius have been forced to decrease their presence or close up shop altogether in Hong Kong.
Avenue Capital Management, Man Group and SAC Capital also have business in the city.
GLG, a publicly traded company, has expanded from its stalwart hedge fund business into traditional investment management.
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