Bank of America Merrill Lynch is helping more than a dozen multibillion dollar international hedge funds set up or reestablish a presence in Hong Kong and Singapore as the US and Europe increase industry regulation.

Hedge funds are also planning offices in the Asian cities, Dan McNicholas, head of Asia financing sales at Merrill Lynch said. McNicholas spoke in a Bloomberg Television interview without mentioning any names.

Hedge-fund managers have been tempted by Hong Kong’s regulatory environment, the region’s economic growth and potential investment opportunities as US and Europe have proposed to increase taxes on the financial industry. London Mayor Boris Johnson said that as many as 9,000 bankers may leave the UK capital’s financial district as a result of a 50% tax on bonuses announced last month.