Activist investor Elliott Management plans to close its office in Hong Kong, and move its remaining staff there to offices in London and Tokyo, according to a person familiar with the matter.
The New York-based hedge fund, run by billionaire Paul Singer, has been winding down its Hong Kong operations in recent years, and had fewer than 20 employees there when it stopped trading and investment activities on January 1, the person said, asking not to be identified because the matter is not public.
The shift began in early 2018 when the firm’s then-head of Hong Kong, James Smith, moved to London and began running its Asian operations from the UK. Smith left the firm the following year. Since then, the bulk of Elliott’s Asian operations have been run out of London and Tokyo, including its recent activist campaigns at SoftBank and Unizo, the person said.
At the time of Smith’s departure, there were fewer than 40 employees in the Hong Kong office, and the decision to close the office was not related to the political instability in the region in recent years, the person said.Elliott has run several other activist campaigns in the region over the years, including pushing for changes at Hyundai Motor, Samsung Electronics, and the Bank of East Asia, among others.
Elliott, which was founded by Singer in 1977, had more than $45bn in assets under management at the end of 2020. The Financial Times first reported on the firm’s plans to close its Hong Kong office.
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