A new multi-strategy hedge fund firm led by Millennium Management alumnus and the former head of Morgan Stanley's prime brokerage operation in Asia, Kurt Baker, is looking to raise neatly $3bn as it seeks to establish itself as a regional rival to the likes of Citadel, according to a report by Bloomberg.

The report cites an unnamed person with knowledge of the matter as revealing that Baker is in advanced talks with several potential investors to back 30th Century Partners, his new Hong Kong-based, Asia-focused firm, which is targeting a June 2024 trading launch with eight to 10 investment teams.

The firm will focus on investments in Asia, with India, China, South Korea, Taiwan, Hong Kong and Japan its largest markets, according to Bloomberg's source, although it will also trade in Southeast Asia and Australia from time to time, and some of strategies, including its macro trading activities, will have a global reach.