Birth of a new Galaxy

Hong Kong- and Shanghai-based hedge fund manager Galaxy says it will soon launch a new China-themed hedge fund. The firm was originally established in 1998 by Joe Chan to manage money from friends and family, and was opened to the public in 2004.That first fund was the Galaxy China Opportunities Fund, still managed by Chan and a former principal of Morgan Stanley, Jacky Wong. That fund has soft-closed at $600 million. Performance-wise, it was up 47% on an annualised basis with 20% vol…