(Bloomberg) -- Three more global hedge funds are expanding to Hong Kong, providing a relief to the city that’s anxious to revive its appeal as a regional financial hub.
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US multistrategy firm Hudson Bay Capital Management LP, UK credit shop Sona Asset Management and New York-based Centiva Capital LP are establishing a foothold in the city, said people with knowledge of the matter.
Hudson Bay, the Stamford, Connecticut-based firm overseeing about $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 Ltd.’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 $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’s looking to staff it with relocated employees and new hires, a person said.
Centiva Capital received a regulatory license 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. 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 restrictions in Singapore, said a person with knowledge of the matter.
Hong Kong is rolling out the red carpet for newcomers, as officials try to reverse the talent exodus during years of Covid restrictions. The financial hub is facing growing rivalry from Singapore and Middle Eastern cities as China’s economy slows and geopolitical tensions mount.
Hudson Bay has been toying with the idea of a Hong Kong office for years. The hires suggest the preparations are gathering pace for its seventh office globally and first in Asia. Sona operates out of London and New York currently.
Representatives for Hudson Bay, Sona and Centiva declined to comment.
Hong Kong has traditionally been the largest Asian hub for hedge funds located outside of China. But traders of currencies, fixed income and commodities have been gravitating to Singapore. More recently, Abu Dhabi and Dubai have attracted global and regional hedge funds with their low taxes, more friendly time zones and close proximity to markets such as India.