Tycoons from China planting money management flags on Wall Street
Washington
WHEN a new hedge fund opened in Mountainside, New Jersey, a leafy suburb that still holds an annual Little League parade, few would have guessed where much of its funding came from: Chinese billionaire Cai Kui.
The credit hedge fund, Westfield Investment, was founded by former Goldman Sachs Group managing director Renyuan Gao and managed US$139 million as of January. It's part of a new crop of asset management firms that are expanding China's reach on Wall Street as money has poured into the US from the world's second-biggest economy.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Binance founder Zhao Changpeng gets 4 months in prison
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst
Amazon’s Twitch starts rival to TikTok in short-form video
Pinterest revenue surges on popularity of shopping push
Tesla axes most of Supercharger team in blow to other automakers
Amazon results beat estimates, revenue forecast misses