(Bloomberg) -- Hong Kong-based asset manager Anatole plans to open an office in Singapore and may shift some important functions to the city-state, the Financial Times reported, citing unidentified people familiar with the discussions.  

Gary Lee, Anatole’s chief operating officer, told the newspaper that the group was opening a Singapore office, but did not say how employees would be divided between the Southeast Asian financial hub and Hong Kong.

He said the office would be an “outpost,” adding that he remained “bullish on the China recovery.”.

The move comes after the firm told investors it had significantly cut its exposure to China. The decision had not been finalized and the plan could change. 

It may still keep a smaller presence in Hong Kong, the FT cited one of the people as saying. 

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