U.S. hedge fund North Rock Capital LLC is extending its presence in Asia with the establishment of a Singapore office, following the initiation of its first Asia office in Hong Kong a year ago. The firm, managing approximately $5 billion in assets, has applied for a Capital Markets Services License for fund management from the Monetary Authority of Singapore (MAS).
The equity-focused multi-manager platform has significantly expanded its Asia team, boasting approximately 30 staff members, and the portfolio manager count has tripled to six. Singapore and Hong Kong are vigorously competing to be recognized as Asia’s primary financial hub, both vying to attract global asset managers.
Simon Chow, North Rock’s Managing Director and Head of Asian Research, emphasized that the addition of a Singapore office provides portfolio managers with increased flexibility in this fiercely competitive, talent-driven industry. In October, North Rock welcomed Sayan Ghosh, a former senior portfolio manager from Millennium Capital Management, as the head of Asian investments for its Singapore team.
While some Asian funds grapple with capital outflows amid rising interest rates and a sluggish Chinese stock market, larger global hedge funds see an opportunity to gain market share and strengthen their teams. Citadel, for instance, has tripled its staff in Asia to 200 in the last four years.
Kelly Perkins, North Rock’s Chief Investment Officer based in Florida, highlighted the strategic significance of Asia for the hedge fund’s profit and business growth during an interview in Hong Kong. The plan is to patiently increase exposure in the region. Since October, the combined number of North Rock’s licensed representatives and responsible officers with the Hong Kong Securities and Futures Commission has doubled to 17 individuals.
The new hires include professionals from Rockhampton Management and Torq Capital Management, which recently partially or fully closed funds, as well as talent from investment banks and competitors.
