HK's SAIL Advisors to manage three ING fund of hedge funds

SINGAPORE (Reuters) - SAIL Advisors, a Hong Kong-based fund of hedge funds operator, said on Monday it will take over the management of three ING (ING.AS) funds in a move that will see a senior ING executive join the Hong Kong firm.

Under a complex deal, SAIL will "sub-advise" three fund of hedge funds managed by New York-based ING Alternative Asset Management, raising the Hong Kong firm's assets under management to $2.4 billion (1.46 billion pounds) from $1.7 billion previously.

Harold Yoon, chief investment officer and head of ING fund of hedge funds, will also join SAIL as CIO and be based in Hong Kong, while SAIL will set up an office in New York.

The three ING funds that SAIL will sub-advise are Topaz, Onyx and Asia Pacific Multi-Strategies Fund of Hedge Funds.

(Reporting by Kevin Lim)