Fund of hedge funds shop Ivy Asset Management has opened an office in Hong Kong, its second in Asia.

Alex Balfour, who joined the firm as head of client development for Asia ex-Japan last year, will lead the new office, which will provide hedge fund and customized service to both institutional and high net-worth investors.

"With over 40% of the firm's assets outside of the U.S., we have seen our international business grow dramatically over recent years," said Patrick Thomson, head of client development for Europe, the Middle East, Africa and Asia. "We expect Asia to represent a key source of business growth for us in the years to come. We are delighted that Ivy is now an active member of this dynamic financial services market."

Jericho, N.Y.-based Ivy, which is part of BNY Mellon Asset Management, opened a Tokyo office in 2004.