Irish hedge fund manager Belmont Investments has announced plans to open a new office in Singapore, Today Online reports.

The target market of the new branch will be the affluent Asian market.

"There is rising demand for hedge fund investments in Asia because of higher private wealth," John O'Friel, managing director of Belmont, told the news service in an interview.

According to the latest survey by Capgemini and Merrill Lynch, the number of millionaires in the Asia-Pacific region rose by 26 per cent in 2009 to hit around three million, making it the fastest growing wealthy population. Another survey by AsiaHedge also shows that the number of new hedge funds launched in the region had gone up by 48 per cent since 2009, with industry assets at $3.84 billion in 2010.

Belmont Investments oversees some $55 million in assets worldwide.