(May 13): Hedge fund firm Dymon Asia Capital Pte is on track to reach US$8 billion (RM31.47 billion) in assets under management by the third quarter as more global investors seek to back Asia-based hedge funds, according to people familiar with the matter.
Dymon is growing faster than expected. The Singapore-based firm said last year it was set to hit about US$5 billion in committed capital by the end of 2026. As of May 1, it was already running US$7.5 billion. The company declined to comment on the time line for reaching US$8 billion.
The firm has also added two new hires. Bernie Ahkong joins from UBS O’Connor, where he was the chief investment officer of the global multi-strategy alpha business. Portfolio manager Ajay Kumar moves from ExodusPoint Capital Management LP, Dymon said in a statement.
The moves highlight the rising prominence of a hedge fund manager that has put together years of returns despite wild swings in global markets. Dymon has become one of the biggest hedge funds in Asia after its shift away from a single manager model to a multi-strategy pod shop.
One key factor that’s helped increase assets is years of positive performance. Following a drop in March as the Iran war roiled global markets, the firm’s flagship fund rebounded in April and was up 9% for the year as of April 30, Dymon said in a statement. It generated an 18.1% return in 2025.
Dymon, launched by co-founder Danny Yong, is expanding its international footprint as it seeks to invest the growing funds. The firm is opening new offices in Seoul and London. The Korean office will house research analysts while Ahkong will lead the London operation once it opens in the latter half of this year, a Dymon spokesperson said in a statement.
Ahkong left UBS O’Connor after it was acquired by Cantor Fitzgerald LP from UBS Group AG. Kumar, who also worked at Millennium Management as a senior portfolio manager before his time at ExodusPoint, will run a global macro-equity strategy from Singapore.