Firm backed by Alibaba founders in talks to seed new hedge fund

Hong Kong

BLUE Pool Capital, which invests billions of dollars for wealthy clients including two top Alibaba Group Holding Ltd executives, is in advanced talks to back a new hedge fund that's being planned by a former Asia head of Balyasny Asset Management, according to people with knowledge of the matter.

Avinash Abraham, who left Balyasny earlier this year, plans to start a pan-Asia hedge fund in November through his firm Torq Capital Management (HK), said the people who asked not to be identified as the discussions are confidential. The market- neutral fund will bet on rising and falling stocks, said the people, who did not provide details of the size or terms of the investment.