U.K.-based hedge fund shop Marshall Wace is making Hong Kong its second home and drawing up plans for Asian-focused hedge funds later on this year.

The $14 billion firm has entered into a joint venture with Hong Kong-based GaveKal Holdings, a research and asset management firm, to manage both GaveKal's existing funds and launch new Asia-focused hedge funds. The JV, Marshall Wace GaveKal Asia Ltd, will officially kick off on July 1.

At the outset, GaveKal’s existing Asian funds will give the JV some $300 million in assets under management.

GaveKal’s CEO Vincent Gave will serve as chief executive of the joint venture.

The firms said the new firm will develop a number of Asian dedicated long/short hedge funds, starting with a Japan-focused offering, which is expected to launch in the third quarter.