Elliott Management, the hedge fund founded by billionaire Paul Singer, is pulling out of Hong Kong, with staff and corporate positions there moving to London, England, and Tokyo, Japan, foreign media reported.
The company will cease trading and investment activities handled by its Hong Kong office, the report said. From Jan. 1, 2021, the Asian operations, with the exception of Japan, will be taken over by the London office, and new investment activities will be handled from London. Following the closure of the Hong Kong office, the Tokyo office is expected to become the firm’s sole Asian presence, and the investment teams in London and Tokyo will be responsible for the firm’s major investments in SoftBank Group or The Bank of East Asia in Hong Kong.
Elliott Management is one of the world’s most active hedge fund firms. The company uses retirement funds and other investments, with $41 billion in assets under management as of June 2020, and has investments in major U.S. telecommunications companies such as AT&T, Twitter and Japan’s SoftBank Group. In addition to aggressive investments, it is also involved in private equity funds and real estate investments.
The company has not stated the reason for its withdrawal from Hong Kong, but according to British media reports, the company has started to reduce the number of staff in its Hong Kong office since 2018.
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