updated 11/2/2008 10:06:02 PM ET 2008-11-03T03:06:02

NEW YORK (Reuters) - Ramius, a U.S. hedge fund with $11 billion under management, is considering handing back its Hong Kong trading and advisory licenses, in a sign that some funds are retreating from Asia, the Financial Times reported.

The move comes amid increasing signs of a pullback from Asia by hedge funds amid a global financial market slump which is forcing them to raise cash and cut operating costs ahead of an anticipated surge in redemptions, the FT said.

The article quoted Anthony Miller, a partner at Ramius, as saying that the possible abandonment of Hong Kong licenses was "mostly about cutting costs and reallocating money to the United States and Europe."

He added: "We will continue trading Asia from New York and London."

Ramius was not immediately available for comment.

(Reporting by Megan Davies)

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