Brokerdealer.com blog update to a story we’ve been covering for the past several months is courtesy of extract from 25 Sept NYT coverage from Alexandra Stevenson and Neil Gough.
Image courtesy of Yip/Reuters
O’Connor, the UBS-owned hedge fund with AUM of $5.6bil is just one of the financial industry firms ratcheting up their presence in Asia as China’s stock market prepares to open its doors to foreigners. Dealers have been hired by it from UBS’s proprietary trading desk and Singapore offices. In August, it hired John Yu, a former analyst at SAC Capital Advisors. But O’Connor is not alone.
Bankers, brokerdealer brokerage firms and hedge funds all have been gently expanding their Asian businesses to benefit from a single event: the largest launching into China.
China intends to join the Shanghai stock exchange to its counterpart in Hong Kong over the following month as part of an initiative announced by Premier Li Keqiang this year to open China’s markets to foreign investors that have been largely shut out. Continue reading