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Former Soros Employee Starts Hong Kong-Based Hedge Fund Company

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July 18 (Bloomberg) -- Zhang Xinliang, a former employee of billionaire investor George Soros’s family office, started his own Hong Kong-based hedge-fund company, Magnolia Capital Management Ltd.

Magnolia was licensed by the city’s Securities and Futures Commission on April 18, according to information posted on the regulator’s website.

Zhang, also known as Nick Zhang, was licensed by the regulator as a representative of Soros Fund Management LLC’s Hong Kong office between January 2011 and December 2012. Soros Fund Management oversaw $24 billion earlier this year. Zhang worked for Goldman Sachs Group Inc. before Soros Fund Management, according to his licensing record.

Zhang is the son-in-law of Wang Yang, having married the only daughter of the Chinese vice premier some years ago, Hong Kong’s South China Morning Post reported today, quoting unidentified people. Zhang also is a grandson of a late top Chinese leader, whom the people declined to identify, it added.

Zhang didn’t immediately respond to an e-mail and a message left by Bloomberg News on his office phone seeking comment on the South China Morning Post story. Michael Vachon, a New York-based spokesman for Soros, declined to comment on the article.

Zhang started Magnolia with Wang Xiao, according to the SFC. Wang previously worked for Morgan Stanley, Bain Capital LLC and Coatue Management LLC, the New York-based hedge fund founded by Philippe Laffont.

To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net.

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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