(Bloomberg) -- Michael Germino’s Ghisallo Capital Management received a regulatory license for its Hong Kong office, marking a rare recent expansion to the city by a foreign hedge fund firm.
The license was issued late last month, according to information posted on the Securities and Futures Commission’s website.
Local regulators and government officials have been trying to revive Hong Kong’s status as a regional financial hub. Once attracting a steady flow of international managers, the city has seen financial professionals leave while new arrivals have slowed since the pandemic, geopolitical tensions and China’s economic slowdown dimmed its appeal.
Ghisallo’s Chief Investment Officer Germino worked for Soros Fund Management and Key Square Group before founding his own firm four years ago. Among Ghisallo’s investment strategies are wagers on rising and falling stocks, event-driven, credit and global macro trading in multiple asset markets, according to a regulatory filing.
The Boston, Massachusetts-based firm, which oversaw $3.4 billion at the end of 2023, incorporated a Hong Kong unit a year ago, according to a business registration document.
There are signs that Hong Kong is recovering from the talent drain. The city saw a net increase of about 830 licensed financial professionals over four months, lifting the total to almost 42,000 in October, according to a recent Bloomberg News analysis.
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