HK-based hedge fund firm Ovata shuts down operations with team joining US company Exoduspoint: Bloomberg

Ovata Capital Management, a Hong Kong-based US$1.5 billion (HK$11.7 billion) hedge fund firm, is closing its operations, with most staff joining US  multi-strategy hedge fund ExodusPoint, according to Bloomberg. 

In its expansion into Asian equity trading business, ExodusPoint will take in Ovata founder and Chief Investment Officer (CIO), James Chen, and most of its staff. 

Chen will become head of Asian equities starting the third quarter.

ExodusPoint, which manages $14.5 billion (HK$113.1 billion) in assets, plans to expand its Asian equity trading business, Bloomberg reported, citing sources familiar with the matter. 

Ovata is currently returning funds to investors.

Ovata was founded in 2017 and is headquartered in Hong Kong, according to its website. It has 40 employees, including 7 partners.

ExodusPoint, also founded in 2017, has 681 employees and eight offices worldwide, located in New York, London, Dubai, and in Asia, Tokyo, Singapore, and Hong Kong.

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