Alibaba’s Joseph Tsai to set up personal wealth fund in Hong Kong

    Hong Kong — A little more than six months after Alibaba Group raised $25 billion in its record-busting IPO, senior stakeholders in the company are focusing on how to manage their riches. That also means recruiting top-level managers from hedge funds to help look after their personal fortunes.

    Joseph Tsai, Alibaba’s vice chairman, who has an estimated personal fortune of $5.4 billion, is setting up a Hong Kong office to help oversee his wealth and that of other individuals with family ties to Alibaba.

    Lending a hand in the new office is Oliver Weisberg. He will leave his current position as managing director at Citadel in Hong Kong at the end of June to take up the new post, according to Bloomberg.

    It’s not clear what Weisberg’s role will be in the new office as no official announcement of his appointment has been made yet.

    Alibaba’s Tsai has said he plans to create an investment program based on an endowment fund model. The fund will reportedly manage the wealth of a few select families. Alibaba Executive Chairman Jack Ma is not participating in the office at this time.

    Photo courtesy of Philip McMaster via Flickr