Veteran fund manager Chung Man-wing has quit his top job at JF Asset Management to set up his own business.
Mr Chung's resignation yesterday after 41/2 years as head of JF Asset's Greater China team, was the first step in his aim to establish a US$1 billion hedge fund, sources said.
'You have to ask Mr Chung for more details but I don't think he'll raise that much money in the first stage,' said two of his close friends in the industry.
Mr Chung's departure from the JP Morgan unit has been rumoured for the past month and the word is his hedge fund will focus on Asia and have three other partners, including executives from British fund manager GLG Partners.
Mr Chung, who started at HSBC Asset Management in the early 1990s, is well known for the consistent returns for his Greater China funds.
It has become fashionable during the past 18 months for fund managers to start up hedge fund business.