[HONG KONG] UBS O'Connor, the US$5.2 billion unit of UBS AG, plans to open its first Asia-focused hedge fund to investors later this year, said two people with knowledge of the matter.

The fund, which started trading in August with internal money, is managed by Singapore-based John Bradshaw and David Perrett in New York, said the people, who declined to be identified because the information is private. Rob Stewart, a Hong Kong-based UBS spokesman, declined to comment.

O'Connor is among hedge-fund units of global banks to start their first Asia funds this year, answering investor demand for products focused on a region with faster economic growth, and diverse and often less efficient markets. Goldman Sachs Investment Partners is raising capital for a new Asian fund, two people with knowledge of the matter said last month.