Highly-respected former Soros portfolio manager Jixin Dai is understood to have gone live with his hedge fund firm Xin Tian Fund Management at the start of July in Hong Kong, with $150 million in assets under management.
The macro fund, which trades equities, currencies and commodities, is one of the most closely-watched and significant start-ups to launch in the region this year, starting with higher initial capital than most launches so far in 2013.
When he left Soros in December to establish Xin Tian, Dai had worked with the hedge fund billionaire’s firm for 12 years. His departure from the group coincided with that of several other Soros executives who were part of the team that established the operation of SFM Hong Kong Management, the group’s Asian operation, two years ago. Dai and his office did not respond to AsiaHedge emails.
Besides the $150 million initial capital, Dai is understood to have received robust commitments of interest from various investors overseas that could take the level of assets under management at his start-up to at least $300 million within a few months.
The Xin Tian team comprises former Pinpoint Investment Advisors executive Cindy Huang and acclaimed macro trader Gordon Ng, as well as research analysts Jerry Zhou Kong and Zhuy Liping.