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Hong Kong gets a boost as 3 global hedge funds open offices, recruit staff

Hudson Bay Capital, Sona Asset Management and Centiva Capital are setting up shop in the city, according to sources

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Hong Kong is rolling out the red carpet for financial firms to set up offices in the city. Photo: Nora Tam

Three more global hedge funds are expanding to Hong Kong, providing a relief to the city that is anxious to revive its appeal as a regional financial hub.

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US multistrategy firm Hudson Bay Capital Management, UK credit shop Sona Asset Management and New York-based Centiva Capital are establishing a foothold in the city, said people with knowledge of the matter.

Hudson Bay, the Stamford, Connecticut-based firm overseeing about US$20 billion, registered a Hong Kong entity in early October, according to government records. So far, its recruits in the city include Jack Truong, who led Segantii Capital Management’s Asia business development team, and Dong Yinfei, a former Segantii convertible bond trader, the people said, asking not to be identified discussing private information.

John Aylward’s Sona, which manages US$10.1 billion and focuses on European public and private credit, incorporated a Hong Kong unit in August, according to a document seen by Bloomberg News. It is looking to staff it with relocated employees and new hires, a person said.

Centiva Capital received a regulatory licence for its Hong Kong office in late November, after expanding to Singapore three years ago, according to information posted on the website of Hong Kong’s Securities and Futures Commission (SFC). Asia head Matthew Haudenschield and Piers Cassidy, a trader focused on equity capital markets deals, are among employees who have relocated to Hong Kong after sitting out Covid-19 restrictions in Singapore, said a person with knowledge of the matter.

Centiva Capital received a regulatory licence from the Securities and Futures Commission in November. Photo: Yik Yeung-man
Centiva Capital received a regulatory licence from the Securities and Futures Commission in November. Photo: Yik Yeung-man

Hong Kong is rolling out the red carpet for newcomers, as officials try to reverse the talent exodus during years of Covid-19 restrictions. The financial hub is facing growing rivalry from Singapore and Middle Eastern cities as China’s economy slows and geopolitical tensions mount.

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