Soros Fund Management, billionaire investor George Soros' flagship investment company, is looking to set up an Asia presence in Hong Kong amid a resurgence in the region's hedge fund industry, a source familiar with the matter says.

The fund firm, which was no longer actively managed by Soros, would relocate some senior managers from its U.S. offices to Asia, the source said.

When Reuters contacted Soros spokesman Michael Vachon in November about the fund's plans to open an office in Hong Kong, Vachon replied via e-mail: "rumors."

Another Soros source said that month that the fund had no such plans.

But an industry source in Hong Kong on Thursday said the fund had hired a manager from Tiger Asia Management in New York to run its Asian office, which was likely to become operational in the first quarter of 2010.

Vachon was not immediately available for comment on Thursday.

The source, who requested anonymity because he was not permitted to speak to the media, said he did not know the name of the Tiger Asia manager.

Bloomberg reported on Thursday that James Chang of Tiger Asia in New York and current Soros manager Dai Jixin were expected to relocate to Hong Kong to open the Soros Fund office.