A new Asia-based hedge fund headed by a former State Street Global Advisors manager has successfully raised $93 million in its initial run, a report by Bloomberg reveals.

Trivest Advisors, the firm led by ex-State Street manager Wu Huimin and former Citigroup head of China research Xue Lan, began trading in 1 July with a focus on Chinese stocks, the publication wrote, citing anonymous sources.

The increased interest in start-up funds came despite the massive pullout of investments from China between 2008 and 2009 due to the global financial crisis. After the country emerged strong when the dust settled, investors started piling back in. In an industry study by Eurakahedge, it was shown that around $16.9 million has been raised by new Asian hedge funds since last year.

Parties involved in the sale have yet to comment on the matter. It has also been said that Sun Lu, previously a China analyst for Indus Capital Global Advisors, is Trivest's third partner.

As reported elsewhere, data from Hedge Fund Research, the Chicago-based fund tracker, showed investors continued to put net new money into funds in the second quarter.