According to media reports, the hedge fund Modular Asset Management, spun off from Millennium Management, plans to enter the Hong Kong market and will set up an office in Hong Kong in the second quarter. Establishing an office in Hong Kong will allow Modular to be closer to the mainland Chinese market and attract investment professionals who wish to stay in Hong Kong. It is reported that Modular is headquartered in Singapore, managing $1.5 billion in assets, mainly engaged in macro investing. The hedge fund has hired former Barclays trader Alex Hu Xiuyi as a portfolio manager.