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June 14, 2015 6:02 am
China's hedge fund industry blooms as stocks boom

More than 4,000 new Chinese hedge and private equity funds have
launched in the last three months, fuelling a mass exodus from
traditional investment houses, as ambitious fund managers seek to
profit from the country's booming stock market.

The number of private investment funds — including securities, private
equity, and venture capital — totalled 12,285 by the end of May, up
from 7,989 three months earlier, figures from China's securities
regulator show. Assets under management increased by $75bn to $433bn.

Feng Gang, chairman of hedge fund WinSure Capital, said the government
is encouraging entrepreneurship in finance. He launched his fund in
January after 14 years at Chinese mutual fund companies, most recently
China International Fund Management, a joint venture with JPMorgan
Chase.

"In the past 14 years I've never seen regulators so encouraging of
innovation. In the investment industry, we're taking the lead."

Last February, the government switched to a streamlined registration
procedure for private equity and hedge funds, abandoning the more
onerous approval process.

Employees at hedge and private equity funds have risen by over 60,000
in three months, topping 199,000 by the end of May.