Soros finally opens Hong Kong office
After first announcing plans back in January this year that it would be opening a Hong Kong office, Soros Fund Management LLC confirmed this week that the doors were finally open. Although unable to get any official comment, Hedgeweek understands that New York-based fund managers, James Chang and Dai Jixin, would be relocating to the Asian financial hub. The firm, established in 1969 by Hungarian-born George Soros (pictured), billionaire financier and all-round legendary investment manager, manages USD27billion in assets across its Quantum Group of hedge funds. News that the office has now finally gone operational further reinforces the fact that heavyweight global funds see Asia as a fertile ground for investment opportunities – the likes of D.E. Shaw, Man-acquired GLG Partners, Prana Capital and Viking Global Investors have all opened Asian offices this year. However, there could be a few jitters surrounding Soros’s arrival as Asian currencies and asset prices potentially start appreciating on the back of QE2 in the US. Soros famously made USD1billion overnight in 1992 when he shorted the British Pound on the belief that it wouldn’t be able to withstand the interest rate pressures created by German reunification and would be forced to withdraw from the European Exchange Rate Mechanism: which it did.
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