Noho Capital, founded by former equity derivative traders of the German bank Dresdner, is preparing to launch a managed futures Asia-focused hedge fund that aims to gather $40 million by the end of this year, Reuters reports.

Mathias Piardon and Frederic Levy, the co-founders of the Hong Kong-based firm, said they received an asset management licence from the Securities and Futures Commission last week. They have signed a deal to receive their first seed capital investment in the next few days, the news agency said.

The report highlights how the Asian region continues to be a focus for hedge fund managers. The Irish hedge fund manager Belmont Investments has announced plans to open a new office in Singapore, for example.

Managed futures funds, sometimes referred to as commodity trading advisors or CTAs, bet on long-running trends in markets. They manage some $200 billion globally, the report added.