(Bloomberg) -- Ghisallo Capital Management is opening a Hong Kong office with help from former UBS Group AG banker Carlo Agostinelli, an increasingly rare example of a hedge fund firm expanding to the city. 

The Boston, Massachusetts-based firm that oversaw $3.4 billion at the end of 2023 incorporated a Hong Kong unit in November, according to a business registration document. Agostinelli, a former UBS co-head of Asia equity capital markets syndicate, joined in October, his LinkedIn profile shows.

Ghisallo’s Chief Investment Officer Michael Germino worked for Soros Fund Management and Key Square Group before founding his own firm four years ago. Among Ghisallo’s investment strategies are wagers on rising and falling stocks, event-driven, credit, and global macro trading in multiple asset markets, according to a regulatory filing. 

Ghisallo representatives, including Agostinelli, didn’t reply to messages seeking comment.

The number of global hedge funds that have expanded to Hong Kong has slowed to a trickle in recent years, hit by Covid-era travel restrictions and dwindling interest in China due to geopolitical tensions and slowing economic growth.

Even before setting up a presence in Hong Kong, Ghisallo was an active player in share sales in the region. It was among buyers when SoftBank Group Corp. in 2022 cut its stake in One 97 Communications Ltd., the parent company of India’s leading digital payments brand Paytm. It featured among buyers again when Berkshire Hathaway Inc. sold its stake in One 97 in a block trade the following year.

Ghisallo was a cornerstone investor in the 2022 initial public offering of Thai meat producer Betagro Pcl and participated in a $700 million capital raising round of SoftBank-backed Indian food-delivery platform Swiggy the same year.

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