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GLG opens Asia offices; hedge funds look East

Laurence Fletcher and Parvathy Ullatil
Fri Jan 22, 2010 4:33am EST
LONDON/HONG KONG (Reuters)

- GLG Partners, one of Europe's biggest hedge fund firms, is opening offices in Asia as the industry races to profit from the region's wealthy and relatively untapped investor base

GLG, which is based in London's hedge fund centre Mayfair but listed in New York, said it is opening a research office in Hong Kong, where fund manager Anuj Mutreja is moving, and a representative office in Beijing.

Hedge fund firms, which are largely based in the U.S. and the UK, are increasingly looking to establish a foothold on the ground in Asia, attracted by strong equity market gains last year and low costs.

Earlier this month UK-based Prana Capital said it was considering opening an office in Singapore and relocating founder Peregrine Cust there.

On Thursday former bankers Anders Jacobsen and Paul Thompson said they had launched Galileo Capital Management in London and Hong Kong.

And in November Anthony Bolton, widely-viewed as the UK's top long-only manager, announced plans to move to Hong Kong and launch a fund.

A spokesman for GLG, which has funds that invest in the region, said: "In time there will be proper branch offices. It's to be closer to investments and to help with marketing.

"It does reflect our commitment to the region and strength of our emerging markets business."

GLG runs $21.6 billion (13.3 billion pounds) in hedge fund and long-only assets. Last year it opened an office in Geneva.

(Editing by Sharon Lindores) (To read the Reuters Hedge Fund Blog click on blogs.reuters.com/hedgehub; for the Global Investing Blog click here)

http://www.reuters.com/article/idUSLNE60L01420100122