The crowded Asia multi-strategy space has a new player to deal with.
Engineers Gate, a New York-based quant firm that runs more than $2 billion, is building out a Singapore office, several people close to the firm told Business Insider. The firm was started nearly 10 years ago by Glenn Dubin, the one-time cofounder of Highbridge Capital.
Rafael Andreata and Mingyan Huang are the co-heads of the new office, according to LinkedIn. Andreata’s profile states he is “responsible for the local buildout in the Asia Pacific region.”
The pair previously worked together at the endowment of Saudi Arabia’s King Abdullah University of Science and Technology, a research college started in 2009 with billions to invest and an office in Arlington, Virginia. The pair left the endowment in 2023 to help run a new Asian multi-strategy fund, New Fleet Capital, where Andreata was the chief investment officer.
The Asian multi-strategy scene is expanding as longtime players fundraise and new entrants enter the market. In Singapore, for example, Dymon Asia hopes to grow to $3 billion, while Blackstone-backed Arrowpoint Investment Partners, a new fund from former Millennium executive Jonathan Xiong, plans to start trading with $1 billion later this year.
Engineers Gate did not immediately respond to requests for comment. Both Andreata and Huang say on their LinkedIn profiles that they started in their current roles in March of this year.
According to the growing quant firm’s LinkedIn page, it has more than 30 portfolio manager teams. Offices include New York, Boston, and London, as well as an off-shoot in Exeter, England.
Dubin, who sold his stake in the firm in 2020, was replaced at the top of the firm by Greg Eisner, a longtime lieutenant of Dubin’s.
Dubin, one of the cofounders of New York charity Robin Hood, relinquished his role atop the firm after several investigations by Business Insider and others into his ties to the late convicted sex offender Jeffrey Epstein. However, he told Reuters his retirement and the articles were unrelated.
Since Dubin stepped down four years ago, the quant fund’s assets have more than doubled.