Ex-Vision CIO launches rival fund of hedge funds

Ronnie Wu, co-founder of $800 million leading Hong Kong-based fund of hedge fund firm Vision Investment Management, has left to launch his own fund-of-hedge-funds firm, Penjing Asset Management. The Penjing team currently stands at seven members, including ex-Vision Natalie Cruz, who takes on the role of Penjing's COO, and two members of UBS' fund of hedge funds team, Lawrence Ka and Louis Chan, who join as senior investment professionals. Wu says he has a long-standing relationshi…