Owl Creek Wins Hong Kong License

Jun 7 2011 | 1:31pm ET

The growing community of western hedge funds in Hong Kong has a new neighbor, at least in spirit: Owl Creek Asset Management.

The New York-based firm, which has about $7 billion in assets under management, won an asset-management license from the Hong Kong Securities and Futures Commission last month, Reuters reports. But unlike other U.S.- and Europe-based funds to obtain a similar license, Owl Creek has no plans to create a physical presence in Hong Kong.

Instead, the firm, founded by Jeffrey Altman, will use the license to attract a wider range of investors, according to Reuters. It will continue to trade in Asia—the firm has a $300 million dedicated Asia fund and $2.6 billion invested in the region in total—from its home base in New York.

The SFC issued the license to Owl Creek on May 20.

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