Asia hedge fund founders close shop for big pay

Boat in Victoria Harbor in Hong Kong with city skyline in the day

SINGAPORE: Hedge fund founders in Asia are jumping ship to global giants from Citadel to Millennium Management as the struggles of capital raising and pressure to make higher returns curb the attractiveness for some managers’ solo endeavours.

Torq Capital Management chief investment officer Avinash Abraham is closing his firm to rejoin Citadel as a portfolio manager, while macro manager Ayan Sen returned to Millennium this year, marking the end of his more than five-year stint running his own Navik Capital (Singapore), Bloomberg reported.