Finance
Millennium Hedge Fund Spinoff Modular Expands to Hong Kong
- Hedge fund hires Barclays’s Hu as a portfolio manager
- Boosted assets to $1.5 billion with 8% 2024 return, new cash
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Millennium Management spinoff Modular Asset Management plans to expand to Hong Kong, the latest hedge fund arrival as the city tries to defend its status as a global financial hub.
Singapore-based Modular, which manages $1.5 billion and focuses on macro bets, has brought in former Barclays Plc trader Alex Hu Xiuyi as a portfolio manager. Hu is its first hire for Hong Kong, where the firm is looking to open an office in the second quarter, said a person with knowledge of the matter.