Hedge funds and banks scrambling to expand in Asia may be the surest sign that the world economy has put the crisis behind it.
The latest data point comes from New York-based York Capital Management, an event-driven hedge fund firm with $13 billion under management. Within two years it may double its Hong Kong office headcount to match that of its London office, Christophe Aurand, York's chief investment officer for international operations, told Bloomberg News.
That amounts to just seven or eight slots. Still, York's plan aligns with a growing trend among hedge funds large and small, as well as banks. They're all looking to fill a void created when a number of global multi-strategy funds withdrew from the region last year and investment banks pulled back from proprietary trading.
"There's no doubt that five, 10 years from now, the investible market in Asia will be bigger than the investible market in Europe," Aurand, who is based in London, told the news service. "You don't see the mega-deals that you see in the U.S., but you do see a lot of deal activity."
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