Former SAC Capital fund manager Xu to launch hedge fund -sources

HONG KONG Thu May 22, 2014 1:05am EDT

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HONG KONG May 22 (Reuters) - A former Hong Kong-based fund manager at SAC Capital is preparing to launch his own Greater China-focused hedge fund, people with knowledge of the matter said, adding to a list of new start-ups in Asia this year as the industry show signs of recovery.

Ken Xu left Steven A. Cohen's firm, once one of the world's biggest hedge funds, this month after a more than three-year stint, records with Securities and Futures Commission show.

He plans to start a long/short equity hedge fund by the end of 2014 or early next year, the people added. It was not immediately clear how much Xu's fund would invest.

Xu did not respond to emails seeking comment. The sources declined to be identified as the plans remain confidential. (Reporting by Nishant Kumar; Editing by Denny Thomas and Miral Fahmy)

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