Global banks and asset managers are opening hedge funds in Asia for the first time since the 2008 financial crisis, putting pressure on smaller firms that are already struggling to hold onto investors.
Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, is seeking a buyer for the reinsurer he formed last year as his hedge fund fights U.S. insider-trading charges, a person familiar with the matter said.
Pine River Capital Management LP, manager of one of the most profitable U.S. hedge funds last year, will start a China fund with as much as $150 million in October, a marketing document seen by Bloomberg News showed.
Tudor Investment Corp., the $11.6 billion hedge fund that seeks to profit from macroeconomic events, is planning its first equity funds since stock manager James Pallotta left the firm in 2009, according to four people with knowledge of the matter.
Moore Capital Management LLC, the $15 billion hedge fund run by Louis Moore Bacon, cut 10 to 15 investment jobs as it restructures one of its equity teams, according to three people with knowledge of the matter.