Manoj Jain and Sohit Khurana, ex-managing directors at the US alternative asset management firm, are said to be planning a $250 million capital raising event for Maso Capital, their new company based in Hong Kong. Jain and Khurana have yet to comment on the matter.

The move comes amid an increase in the number of global hedge fund executives looking to set up their own practices despite volatile markets. Early this year, ex-GLG Partners managers Kelvin Woo and Joe Zhang left their posts to form their own Asia-focused fund. Former JPMorgan Chase head of equity derivatives William Lee is also said to be starting his own hedge fund business in the next months.

At Och-Ziff, Jain was responsible for Asia merger arbitrage, event driven and capital markets investments, while Khurana co-managed the regional convertible bond pool which manages some $29.8 billion worldwide. Both left the company early this year. Reports say the two have already hired a chief operating officer and are in the process of setting up towards an official launch.