RAB has said it will continue to handle a portfolio of hedge funds from its Hong Kong office after the departure from its stable of the Northwest fund management arm.

The managers of the Northwest funds have bought the division and their three Asia-specific funds for £1 million. The funds are a pan-Asia fund, a China fund and a warrants fund, which jointly have assets under management of approximately $300 million.

Northwest was founded by London-based George Phillips and Hong Kong-based David Rogers.

Rogers is to leave RAB's Hong Kong offices and find his own offices in Central. He and Phillips will take with them a team of about 12 staff that handle the Northwest funds.

RAB Capital will continue in Hong Kong, with a suite of over 10 hedge funds, including the Pi Asia brand. RAB Pi Asia is an equity long/short fund. Fund managers are Caesar Luk and Alain Barbezat, and the head of trading is Nissim Tse, who is back in fine fettle after his Hedge Fund Fight Nite slobberknocker.