Hsu steps down from Abax Global Capital

26 November 2008

The co-founder of Hong Kong-based investment fund Abax Global Capital (AGC), Chris Hsu, has left his role as the company's chief executive, it has been reported.

An AGC spokesman told Reuters that the decision was made because of "differing views on the direction of the business", but they declined to elaborate.

AGC, which is part-owned by Wall Street investment bank Morgan Stanley, was one of Asia's hottest hedge fund start-ups when it launched in 2007 with approximately $300 million worth of assets under its management, the site said.

Mr Hsu's responsibilities will transfer to another of the fund manager's co-founders and its current president, Donald Yang.

Citing sources in the Financial Times, Reuters said Mr Hsu felt that removing himself from day-to-day operations would allow AGC to develop a clear direction.

However, he reportedly plans to stay on as a senior adviser to the firm and he remains its biggest shareholder.

AGC is involved in public and private sector investment, with particular focus on China and south-east Asia.

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