Thursday, 27 October 2016
Last updated 6 hours ago
Mar 26 2010 | 1:29pm ET
Hedge fund York Capital Management is doubling-down on Asia.
The $13 billion New York-based firm could double the size of its staff in its Hong Kong office over the next two years, Bloomberg News reports. Christophe Aurand, chief investment officer of York’s international divisions, said the seven-strong Asian office could grow to match the size of its London operations, which employs about 15.
“There’s no doubt that five, 10 years from now, the investible market in Asia will be bigger than the investible market in Europe,” Aurand told Bloomberg. “You don’t see the mega-deals that you see in the U.S., but you do see a lot of activity.”
And there are fewer players taking advantage of that activity, as Western hedge funds and bank’s proprietary trading desks have retrenched.
“More so in Asia than anywhere else, there’s much less capital looking at deals today,” Aurand said. “If you look at who the large players in arbitrage were, two-thirds of them have all but disappeared.”
York’s Asian Opportunities Fund manages $210 million, with about a quarter of the fund allocated to Japan.