Alibaba Group Holding executive vice chairman Joseph Tsai is reportedly forming a multibillion-dollar family office to invest the wealth created by the Chinese e-commerce firm’s $25bn New York IPO.
Tsai, who controls a roughly $6.5bn stake in Alibaba, along with other early Alibaba executives, will set up the office in Hong Kong with an eye to opening this summer.
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The family office will be co-managed by Oliver Weisberg, a managing director in Citadel’s Hong Kong office, and Alexander West, the founding partner of Blue Pool Capital, a Hong Kong-based hedge fund backed by Tsai.
Weisberg, who joined Citadel in 2006, will leave the hedge fund firm led by Kenneth Griffin at the end of June 2015.
The family office will be modeled in line with the investment programs of US endowments such as that of Yale University, whose endowment has been the pioneer in the investments of new asset classes, with focus on generating long-term steady returns.
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