VMS Group is building a hedge fund team to allocate money away from private equity after its clients asked for more liquid investments, according to managing partner Elton Cheung.

The firm hired equities veteran Raymond Jook, Kyle Wong, and Carmen Tang to form a team that will invest in public markets and build hedge fund strategies over time, Cheung said.

Cheung said the team plans to build a track record in equities before potentially launching a new equity long/short hedge fund for external investors around year-end, with an initial fund-raising target of more than $100 million.

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