Kok-Hoi Wong, Founder of Singapore-based hedge fund APS Asset Management, will step down from his role as Chief Investment Officer at the $1.7bn China-focused investment firm in the coming year, according to a report by Bloomberg.

The reports cites a note sent to clients in confirming that the firm's current Head of Investment Strategy Wang Kangning is set to become Co-CIO and then replace Wong within a year.

According to a company spokesperson, Wong will continue to manage money at the firm, write analysis and conduct research trips to China.

Along with other China-focused funds, APS has struggled over the past 12 months amid the country's ongoing economic woes. Its flagship All China Alpha Fund is up 0.2% year to date, while the Eurekahedge Greater China Hedge Fund Index was up 1.03% for the first three months of 2024.