 |
"Assets under management in Asian hedge funds were $120 billion at the end of 2006, and we expect to see that hit $150 billion by the end of 2007" |
Citi opened a Singapore branch for prime brokerage in April, adding to its hedge fund servicing capabilities in the region. The firm has had a prime brokerage office in Hong Kong for two years, and opened a hedge fund administration business in Singapore in October 2006. "There are a growing number of global hedge funds moving into Singapore, as well as a number of start-ups, so we felt it important to have people on the ground there in addition to being in Hong Kong," says Hannah Goodwin, Citi’s head of prime brokerage for Asia-Pacific. At present there are just two employees in Singapore but Goodwin says the intention is to increase the staffing level. Citigroup has 19 people in its prime brokerage division in Hong Kong, and a presence in Australia.
According to Eurekahedge, there were 167 fund launches in Asia in 2006, compared with 254 in 2005 and 201 in 2004.
