HFA appoints China expert to support mainland push
The Hedge Fund Association has named Adam Steinberg as the new director of its China office in Beijing.
The financial communications consultant, who is fluent in Mandarin, has 8 years of experience in mainland China advising companies on communications issues that affect reputation and market valuation.
Previously, Steinberg worked at Hill+Knowlton Strategies in Beijing where he counselled Nasdaq-listed Chinese company Tudou Holdings. He holds an MBA from CKGSB in Beijing.
The HFA is an international not-for-profit industry trade and lobbying organisation which aims to advance transparency, development and trust in alternative investments.
Mitch Ackles, president of the HFA said: “We are thrilled to have such an accomplished person as Adam joining the HFA as a regional director. Globally, hedge funds are moving into the investment mainstream, and he will be an excellent representative of both the industry and the HFA.”
Ackles cited the growing importance of hedge funds invested in China as the HFA’s incentive to appoint a new director. “Beyond its economic growth, China has grown very quickly in terms of its level of investment sophistication, and hedge funds are a part of that,” Ackles said. PerTrac, a leading aggregator of hedge fund data worldwide, found 658 hedge funds reporting in China as of April, 2012, about half of which were formed since January 2010.
Steinberg said of his appointment: “I am honoured to join the HFA in China as regional director. Hedge funds are still very new in China and the HFA is in an excellent position to support both domestic Chinese hedge funds and global funds that have opened representative offices in China, but are still waiting for Qualified Foreign Institutional Investor (QFII) licenses.”
The Qualified Foreign Institutional Investor program, launched in 2002, allows licensed foreign investors to buy and sell yuan-denominated “A” shares in China’s mainland stock exchanges (in Shanghai and Shenzhen) that had previously been closed off to foreign investors.