Fortress Investment, one of the largest publicly traded alternative asset managers in the world, plans to restore its operation in Asia and is working to set up an office in Singapore.
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Hedge funds have been creating a path for Asia, driven by the strong economic growth in the region, as well as the lighter regulations in Hong Kong and Singapore, as Western countries look to tighten the unregulated sectors.
Based on Singapore’s Accounting and Corporate Regulatory Authority, Fortress recently registered a company in Singapore. Headhunters and lawyers said the investment company has sought advice on setting up office in the country and in Hong Kong.
One source said that, “the Singapore office will be for investments. It sounded like they want to start small and slowly build up,” said a source.
Additionally, global heavyweights like Soros Fund Management and GLG are among the funds making a path in Asia.
Fortress closed its HK operation in June 2009 and downsized its Tokyo business to just a few traders in the aftermath of the economic crisis, but the New York-based firm has been looking to make an Asian comeback through Singapore.