Singaporean hedge fund Modular plans to expand into Hong Kong and will open an office in the second quarter.

According to media reports, the hedge fund Modular Asset Management, spun off from Millennium Management, plans to enter the Hong Kong market and will open an office in Hong Kong in the second quarter. The establishment of a Hong Kong office will allow Modular to be closer to the mainland China market and attract investment professionals who wish to stay in Hong Kong. It is reported that Modular is headquartered in Singapore and manages $1.5 billion in assets, mainly engaged in macro investing. The hedge fund has recruited former Barclays trader Alex Hu Xiuyi as a portfolio manager.