A leading investment firm managing assets for several of Hong Kong’s wealthiest families is expanding its hedge fund capabilities in response to growing client interest in more liquid investment options.
VMS Group, which oversees around US$4 billion in assets, has brought on equities expert Raymond Jook as managing director, joined by Kyle Wong and Carmen Tang, forming a new three-person team focused on public market investments and developing hedge fund strategies. This move marks a notable shift for the firm, which has historically concentrated on private equity and long-horizon investments.
According to managing partner Elton Cheung, the pivot comes as clients increasingly seek flexible strategies with easier redemption options. “Clients have been vocal about liquidity constraints,” Cheung said. “We’re now adding strategies that allow for greater liquidity, such as monthly redemptions.”
Though affiliated with the billionaire Cheng family behind New World Development, VMS declined to comment on investor identities.
The new team aims to build a track record in equities before launching a long/short hedge fund targeting over US$100 million in initial commitments by year-end. Over time, VMS intends to expand into macro, credit, event-driven, and quantitative strategies.
This shift mirrors a broader trend across global family offices, with institutions scaling back on private equity and leaning into hedge funds to navigate economic uncertainty, as noted in a recent UBS report. Other players, like Andon Hong Kong, are also reinforcing their hedge fund presence, including expansion into the US.
Jook previously led equities at BOCHK Asset Management and served as CIO at Avant Capital Management (HK), with earlier stints at UBS. Wong has a background in financial markets education, while Tang is a former Goldman Sachs professional.
Beyond hedge funds, VMS remains active in sectors such as internet technology and pharmaceuticals. In 2023, it partnered with a former SenseTime executive to explore early-stage opportunities in AI.
