The Hong Kong-based fund of hedge funds firm backed by the family office of Robert Miller, who co-founded the Duty Free Shoppers chain, is planning on establishing a presence in Europe.

Sail Advisors, which was set up in 2003 and now manages $2bn, is looking to open an office in London in the second half of this year, and plans to either hire two people or move individuals over from Hong Kong to run it, according to Gunter Jost, head of sales and marketing and a member of the management committee.