Reuters – U.S. broker Cantor Fitzgerald & Co is expanding its Asian equities and derivatives business to Singapore, targeting sales to institutional clients such as hedge funds, an executive said on Thursday.
"We chose Singapore due to the fact that it has become one of the newest destinations in Asia for hedge funds," William Selig, a managing director at the firm who will head the local office, told Reuters.
"The Singapore government’s foresight in developing a global financial hub attracted us here."
New York-based hedge fund manager Galleon Group is also setting up a Singapore office to manage its $1.1 billion Asian long/short equity fund, and to venture into new fund products, banking sources told Reuters last month.
Cantor’s expansion is in contrast to a number of large financial institutions, which have shed jobs aggressively in recent months.
