 Carney, meanwhile, had founded a hedge fund, and Malcolm was soon trading for it, primarily index arbitrage.In 1994, the Hong Kong government created a tracker fund for the Hang Seng (the Hong Kong equivalent of the Dow Jones or the Nikkei; see Tracker Fund of Hong Kong).In 1995, after Malcolm was settled into his Tokyo job, a company named Pacific Century Cyberworks (PCC) merged with Hong Kong Telecom, and under the terms of the tracker funds' charter, its managers had to buy $225 million worth of PCC stock.