Millennium Hedge Fund Spinoff Modular Sets Sights on Hong Kong Expansion
Modular Asset Management, a spinoff from Millennium Management, is expanding to Hong Kong to strengthen its presence in the financial market
Modular Asset Management, Hong Kong, Millennium Management, Hedge Fund, Investment
Hong Kong: Modular Asset Management, a spinoff from Millennium Management, is making a move to expand into Hong Kong. This is a big deal as the city is working hard to maintain its status as a global financial hub.
Modular, which is based in Singapore and manages around $1.5 billion, is focusing on macro investments. They’ve just brought in Alex Hu Xiuyi, a former trader from Barclays, as their first portfolio manager for the new Hong Kong office. They’re planning to open this office in the second quarter of the year.
This new office will help Modular stay close to the China market and attract investment talent who want to work in Hong Kong. The CEO, Matthew Cannon, hasn’t commented on this yet, but it’s clear they’re making strategic moves.
Hong Kong is facing some challenges, like geopolitical tensions and China’s economic slowdown. The ongoing issues between the US and China are affecting global markets, which is where macro hedge funds usually operate.
Interestingly, just a few days into the new year, the Biden administration added some major Chinese companies to a list of firms allegedly linked to China’s military. This has added more pressure on Hong Kong’s financial scene.
Despite these challenges, there are some positive signs. The number of financial professionals getting licensed in Hong Kong has actually increased recently, which is a good indicator for the industry.
Since the pandemic, new hedge funds coming to Hong Kong are often multistrategy firms. Another new player in the city is Ghisallo Capital Management, which just got its regulatory license.
Other firms like Jain Global LLC and Arrowpoint Investment Partners have also recently set up shop in Hong Kong. It seems like there’s a bit of a resurgence happening.
Hu, who has a solid background trading for big names like Goldman Sachs and Citigroup, is one of four new portfolio managers Modular has brought on board. They’re really ramping up their investment team.
Overall, it looks like Modular is positioning itself well in Hong Kong, and it’ll be interesting to see how this plays out in the coming months.
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