Singapore-based Dymon Asia Capital, a 2008 startup established by ex-Citadel’s Danny Yong with USD113million in seed capital from Tudor Investment
Singapore-based Dymon Asia Capital, a 2008 startup established by ex-Citadel’s Danny Yong with USD113million in seed capital from Tudor Investment Corp, hopes to grow the fund’s assets by 40 per cent to USD700million by mid-year before closing it again reported Bloomberg this week. Yong first soft closed the Dymon Asia Macro Fund last year when assets reached USD320million. After making gains of 15.2 per cent in 2010 – easily outperforming its Asia Macro peers who on average returned 1.9 per cent – the decision was made to re-open the fund in January. This has seen assets grow to approximately USD500million with Yong commenting that this figure tends to be the “crossover point” when institutionals like pension funds begin to show interest. However, Yong will only allow the fund to grow if it’s able to return 15 per cent annually, confirming to Bloomberg that the fund had a “clawback” agreement: that is, up to half of the 20 per cent performance fee will be repaid to investors in the event of the fund losing money over the next year. Asian currencies, futures and interest rates are a key focus for the fund. In light of the developing offshore RMB market in Hong Kong the firm opened a Hong Kong office to get close to the action with Lee Chee Chung appointed senior portfolio manager. Yong confirmed: “There will be a lot of trading opportunities as the Chinese and Hong Kong authorities fine-tune regulations for this market.”
