Ramius Rethinks Asia

Nov 3 2008 | 1:05am ET

New York-based Ramius Capital may be joining the hedge fund exodus from Asia.

The firm, which manages $11 billion, may turn in its Hong Kong trading and advisory licenses, the Financial Times reports. The move would follow similar decisions by Concordia Advisors and GSA Capital Partners, which have closed offices in Asia. Others, including Tantallon Capital and TPG-Axon Capital Management have reduced staff in the region.

TPG-Axon has recently let go of at least a third of its Asian staff, while maintaining its US workforce, according to insiders. TPG-Axon initially declined to comment but later said this was “completely inaccurate” and that ”staffing levels remained unchanged.”

Ramius said it would continue trading Asian securities from its New York and London offices.

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