Soros to open Asian office in Hong Kong-source

HONG KONG Thu Jan 14, 2010 2:14am EST

HONG KONG Jan 14 (Reuters) - Soros Fund Management, billionaire investor George Soros' flagship investment company, is looking to set up an Asia presence in Hong Kong amid a resurgence in the region's hedge fund industry, said a source familiar with the matter.

The fund firm, which was no longer actively managed by Soros, would relocate some senior managers from its U.S. offices to Asia, the source said.

When Reuters contacted Soros spokesman Michael Vachon in November about the fund's plans to open an office in Hong Kong, Vachon replied via email: "rumors". Another Soros source said that month that the fund had no such plans.

But an industry source in Hong Kong on Thursday said the fund had hired a manager from Tiger Asia Management in New York to run its Asian office, which was likely to become operational in the first quarter of 2010.

Vachon was not immediately available for comment on Thursday.

The source, who requested anonymity because he was not permitted to speak to the media, said he did not know the name of the Tiger Asia manager.

Bloomberg reported on Thursday that James Chang of Tiger Asia in New York and current Soros manager Dai Jixin were expected to relocate to Hong Kong to open the Soros Fund office.

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Comments (1)
Bulgari wrote:
I was in Asia December. I saw plenty of cargo ships sitting idly in the middle of the oceans. Guides said that they had been there since the recession.

With the exception of Singapore and Hong Kong, there remains an economic disparity with sights like the Petronas Towers hovering over diverse populations in tribal dress.

“Asia” was being sold from the minute we stepped on the plane. The PR machine is basically saying the Asian markets will now turn to their own populations to sell their goods. I can’t fathom India and China’s massive populations at par with the west for another 50 years.

I was overall impressed that Malaysia didn’t quite have that bizarre “government watching you” feel, like there is in China. The tourists sites are very cool, but I couldn’t find a church for Christmas mass. Maybe that was a blessing in disguise.

A few days ago I read that 9 Catholic churches were burned down in Kuala Limpur. For some reason these too common events don’t get much media attention. As a practical investor, that lack of transparency concerns me as much as the incident itself.

There is still a lot of tension between cultures and countries. Singapore is an absolutely amazing city/country, but it almost the size of Monaco. The same applies to Hong Kong. They could be swallowed up in a minute. The lack of transparency tells me that the “bling” bling” coming from China is fake.

For bait and switch hedge fund managers, I guess it’s a prime market. But the recent bubble is still too recent to dazzle people. There is also the fact that more people are getting to know who Soros is. The massive Soros PR, leads you to an ugly profile of a man. The convict wanted in France, has a dubious reputation. “Master of Deception”, I think is what they call him.

Jan 14, 2010 6:48am EST  --  Report as abuse
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