U.S. hedge fund D.E. Shaw to open Singapore office in Asia expansion
SINGAPORE, Oct 15 (Reuters) - U.S. hedge fund D.E. Shaw said on Thursday it plans to set up an office in Singapore in 2021, becoming the latest global firm to expand into the city-state as it looks to tap into new investment opportunities.
Singapore, a leading financial services hub, has seen many fund managers, family offices and other investment firms stepping up their expansion in the city-state since 2019, amid concerns over the future of rival hub, Hong Kong.
It rolled out a new corporate structure for investment funds this year, in a scheme designed to attract more funds to set up in the city-state.
D.E. Shaw group, one of the world's largest hedge funds with more than $50 billion in investment capital, said in a statement that it had started preparing for its fund management licence application and initiated other preliminary steps to set up the office.
"Opening an office in Singapore will further enable us to tap into the region's talent, capital, and investment opportunities," said Kevin Patric, general manager of Asia Pacific at D.E. Shaw.
"This is a logical next step in the growth of our geographic footprint," he said.
D. E. Shaw group's Singapore office, which is subject to regulatory approvals, will support a range of investment-related and other capabilities, the firm said, but declined to specify the number of staff it will employ.
It established its Hong Kong office in 2007 and its Shanghai office in 2010.
(Reporting by Anshuman Daga; editing by Emelia Sithole-Matarise)
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