Hong Kong-based hedge fund Ovata Capital Management, with $1.5 billion in assets under management, is reportedly shutting down. Its founder and a significant portion of its staff are expected to join ExodusPoint Capital Management, a US multi-strategy hedge fund giant. This move is part of ExodusPoint's expansion of its Asian equity trading operations, with Ovata's Chief Investment Officer, James Chen, set to lead the new division. AI
RANK_REASON Significant industry move involving the closure of a hedge fund and its staff joining a larger competitor. [lever_c_demoted from significant: ic=1 ai=0.1]
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