Tuesday, 9 February 2016
Last updated 17 min ago
Jun 11 2012 | 12:54pm ET
The Hedge Fund Association, in recognition of the growing importance of China in the industry, has tapped communications consultant Adam J. Steinberg, as the new director of the group’s China chapter.
Steinberg, who is fluent in Mandarin Chinese, advises companies on communications issues that affect reputation and market valuation. He has more than eight years’ experience in mainland China and most recently, worked at Hill+Knowlton Strategies in Beijing.
“We are thrilled to have such an accomplished person as Adam joining the HFA as a regional director,” said Mitch Ackles, president of the HFA, in a statement. “Globally, hedge funds are moving into the investment mainstream, and he will be an excellent representative of both the industry and the HFA,” he added.
PerTrac, a provider of hedge fund industry data, puts the number of hedge funds reporting in China as of April 2012 at 658.
Said Steinberg: “Hedge funds are still very new in China and the HFA is in an excellent position to support both domestic Chinese hedge funds and global funds that have opened representative offices in China, but are still waiting for Qualified Foreign Institutional Investor licenses,” which allow licensed foreign investors to buy and sell yuan-denominated "A" shares in China's mainland stock exchanges (Shanghai and Shenzhen).
The HFA now has representation in 17 regions, including 12 outside the U.S. It advocates on behalf of the over 9,500 hedge funds in the U.S. and abroad which collectively manage in excess of $2 trillion in assets, as well as sophisticated investors and industry service providers.