Sail Advisors has announced that Harold Yoon, the CIO and head of ING fund of hedge funds, will be the new CIO of the Hong Kong-based fund of hedge funds established by Robert Miller. The firm will also open an office in New York.

Eliza Lau will retire from her role as CIO of Sail and will remain as an advisor to the firm for an interim period. She is known in the alternatives community as a feisty advocate of funds of hedge funds and was a formidable advocate of the industry on many a conference stage.

Harold Yoon will report to Vincent Duhamel, who joined Sail in 2008 as CEO. Sail will become the sub-advisor to ING's Topaz, Onyx and Asia Pacific Multistrategies funds of hedge funds, which have assets under management of $2.4 billion. These will complement the Sail portfolio of products, of which the flagship is the Explorer fund.

Sail has been in a rebuilding mode after losing a number of incumbents, including Denise Hu, who is starting her own fund of hedge funds shop with the backing of Rockhampton, Marcella Lui, who has become a capital introductions prime broker at Morgan Stanley, and Kamni Bharwani, who left for parts unknown (but is expected to re-appear soon).