The Asia growth story is attracting global hedge funds to expand operations or move into the region. This current trend is not lost to U.S. investment management technology provider Advent Software which announced the opening of its 3rd office in the region, in Singapore, to cater to clients across Asia and significantly strengthen its presence in the fast-growing market there.

In a statement, Advent said the Singapore office would complement the firm's operations in Hong Kong and Beijing, China. Before the end of the year, the Hong Kong and Singapore offices will have between 12 and 13 staff.

Advent president Peter Hess commented: "We have experienced tremendous momentum in Asia, having doubled our client base in the region in the past 12 months. The Singapore office will help accommodate this increased momentum and further enhance Advent's ability to deliver innovative, reliable solutions to the investment management community. This move demonstrates Advent's commitment to the region and allows us to better serve the diverse needs of our expanding customer base."

Advent's director of business development for Asia Pacific Guillermo Orselli said that the firm added a third office in Asia in just two years of presence in the region. "This rapid growth is in response to the interest level that investment professionals have already shown in Advent's solutions, as well as our client's strong desire to keep pace with best-of-breed technology," he added.

Part of the decision to expand its operations in Asia is because Advent's growing client base in the region. A report said that the software company's clients in Hong Kong include multi-billion-dollar hedge funds Penta Investment Advisers and Keywise Capital Management. Chris Momsen, New York-based general manager of Advent's global accounts said the firm has existing clients in Singapore and recently signed two more clients.

"We're definitely appealing to the category of funds that make more use of derivatives and have more complex requirements as to how they manage P&L and legal entity structures. Our [hedge-fund] clients tend to be multi-strategy with at least $1bn in AUM; the $50m long/short guys won't be buying our stuff," he said.