A former employee of billion investor George Soro’s family has launched his own hedge fund in Hong Kong, according to Bloomberg. Zhang Xinliang, aka Nick Zhang, received licensing by the city’s Securities and Futures Commission on April 18 for the creation of Magnolia Capital Management Ltd., according to information posted on the regulator’s website.
Zhang, was licensed by the regulator as a representative of Soros Fund Management LLC’s Hong Kong office between January 2011 and December 2012. Soros Fund Management oversaw $24 billion earlier this year. Zhang worked for Goldman Sachs Group Inc. before Soros Fund Management, according to his licensing record. Zhang started Magnolia with Wang Xiao, according to the SFC. Wang previously worked for Morgan Stanley, Bain Capital LLC and Coatue Management LLC, the New York-based hedge fund founded by Philippe Laffont.