A former manager at SAC Capital, Carl Vine, is to start a global equity long-short hedge fund with a bias towards to the Asia-Pacific region, teaming up with Dymon Asia Capital (Singapore).

A former manager at SAC Capital, Carl Vine, is to start a global equity long-short hedge fund with a bias towards to the Asia-Pacific region, teaming up with Dymon Asia Capital (Singapore), according to Bloomberg.

The Port Meadow fund will be run by an investment team headed by Vine based in Oxford in the UK, and will seek $500 million, Dymon president Jay Luo was quoted as saying. Vine will be the chief investment officer of Port Meadow, a division of Dymon, that will drive investments, while Dymon will provide infrastructure support, Luo was reported as saying.

Dymon, one of Asia’s largest hedge funds, is expanding globally by providing non-investment services to help managers start their own funds. Singapore-based Dymon hired Luo, who was the former head of SAC Capital’s Asia-Pacific operations, and chief executive David Chan, a former head of macro trading at Goldman Sachs.

The fund will start in the second quarter pending regulatory approval, Luo said. It will stop taking additional money from investors once assets reach $500 million to allow the investment team to focus on returns, he said.

Vine joined SAC in 2008 where he ran a long-short fund and left the firm at the end of 2013, the report said. SAC Capital is the firm, set up Steven A Cohen, that has been hit by insider dealing charges in the US, leading to payments of a large fine.