Financial Risk Management, a global fund of hedge funds group with offices in Europe, Asia and North America, has opened new offices in Hong Kong and Seoul, South Korea. FRM manages $15 billion in assets for institutions and sophisticated private investors.

The company first established a presence in Asia in 2000 with the opening of its Tokyo office, which now contains over 20 client service and investment professionals. It opened its office in Sydney in 2001.

Its Hong Kong office will open in June this year and be comprised of both investment and client service staff. The Seoul office is planned to open in late 2008 to begin work on the process of obtaining licensing from the Korean regulatory authorities in 2009.

“The hedge fund industry is now global, and as a fund of hedge funds group we believe it is essential to maintain a research presence in all regions where compelling hedge fund investment opportunities exist. The Asian hedge fund industry is undergoing rapid growth in both size and quality, as structural changes in Asian markets are creating a rich opportunity set for investors,” said Blaine Tomlinson, founder and chairman of FRM.

“We anticipate increasing our allocations to Asian hedge funds, and our newly launched hedge fund seeding business, FRM Capital Advisors, is also seeking to invest in new managers in the region,” he added.

FRM is a global fund of hedge funds group managing $15 billion worldwide and was founded in 1991.