Hong Kong-based hedge fund managers are losing their jobs as offshore fund managers wind down their operations from the former British colony because of slowing growth on the mainland and increasing opportunities in the U.S., the South China Morning Post reports today, adding that a leading hedge fund had just let is chief financial officer go.
According to the report, hedge funds are seeing opportunities in the recovering U.S. economy as well as the appreciating U.S. dollar.
Only recently, Chicago-based fund manager Citadel downsized six jobs from its Hong Kong office and decided to manage their Asian trading from the U.S. and Europe. Steven Cohen’s SAC Capital Advisors earlier this year relocated five of its staff in Hong Kong to offices in London and New York – although the firm also hired a trading co-head for Asia in Hong Kong.
Alex Eymieu, a partner of recruitment agency CTPartners told the South China Morning Post, "Unfortunately, this is the rea......................