U.S. hedge fund North Rock Capital LLC is expanding its operations into Singapore, a year after establishing its first Asia office in Hong Kong. The move comes as the firm aims to strengthen its presence in the region and attract top talent. With approximately $5 billion in assets under management, North Rock Capital has filed an application with the Monetary Authority of Singapore (MAS) for a Capital Markets Services License for fund management in the city-state.
Over the past year, the equity-focused multi-manager platform has rapidly grown its Asia team to around 30 staff members, with the number of portfolio managers tripling to six. The competition between Singapore and Hong Kong to be recognized as Asia’s premier financial center has been intense, as both cities strive to attract global asset managers.
Simon Chow, managing director and head of Asian research at North Rock, explained that the addition of a Singapore office allows the firm to offer portfolio managers greater flexibility in the highly competitive and talent-driven industry. “Hong Kong and Singapore, it makes us more attractive because we can now offer people the option of both,” he said in an interview.
North Rock recently hired Sayan Ghosh, a former senior portfolio manager at Millennium Capital Management, as a founding member of its Singapore team. Ghosh, who joined as head of Asian investments, will lead the team’s trading activities once the license is approved by the MAS.
While some Asian funds have faced challenges due to capital outflows and China’s lackluster stock market, larger global hedge funds like North Rock Capital are seizing the opportunity to gain market share and strengthen their teams. For instance, Citadel has tripled its staff in Asia to 200 over the last four years.
By expanding into Singapore, North Rock Capital aims to enhance its presence in the Asian market, attract top talent, and provide portfolio managers with increased flexibility in an industry driven by talent and competitiveness.