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. <\/p>\n
"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.<\/p>\n
"The Singapore government’s foresight in developing a global financial hub attracted us here."<\/p>\n
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.<\/p>\n
Cantor’s expansion is in contrast to a number of large financial institutions, which have shed jobs aggressively in recent months.<\/p>\n