Nick Taylor, a former executive of Citadel Investment Group, is preparing to open the largest Asia-focused hedge-fund startup since May 2007 after receiving the backing of Blackstone Group, said three people familiar with his plan, according to Bloomberg.

Senrigan Master Fund is scheduled to start trading 2 November with at least $220 million committed by investors, the news agency said, citing two people, who were not named.

The fund will invest in companies whose valuations are affected by announced or possible events such as mergers, Mr Taylor said in an interview.