Jane Street Capital has become one of the leading buyers of large share blocks in Asia, taking a greater role in a market once dominated by hedge funds following the closure of Segantii, according to a report by the Financial Times citing unnamed people familiar with the firm’s activities.
The New York-based proprietary trading firm is now among the top three names investment bank equity syndicate and trading desks approach when seeking buyers for sizeable stakes in Asian-listed companies, four people familiar with the matter told the Financial Times.
Block trades can offer substantial returns for buyers willing to take on the associated market risk, as shares are typically acquired at a discount to their prevailing market price. Sellers, meanwhile, can dispose of large holdings in a single transaction without putting the same degree of pressure on the open market.
The Asian block-trading market has grown into a multibillion-dollar segment of equity capital markets, although individual transactions are often not disclosed publicly. Dealogic data shows total block sales across Asia exceeded $48bn in both 2024 and 2025. India accounted for the largest share of activity, followed by Hong Kong and Japan.
Jane Street’s increasing prominence follows the demise of Segantii, the hedge fund founded by Simon Sadler that was previously a major force in Asian block trading. Segantii shut down in 2024 after Hong Kong regulators charged Sadler with insider dealing.
Sadler is currently on trial in Hong Kong over allegations that he traded in shares of clothing retailer Esprit ahead of a block transaction. He has pleaded not guilty.
Jane Street had previously been active in Asian blocks but was not regarded as a top-tier participant, according to one person familiar with its operations. Its subsequent rise has been helped by the firm’s ability to hedge market exposure and hold positions for longer periods than many hedge funds, the people said.
That flexibility is supported by Jane Street’s rapidly expanding balance sheet and the scale of its proprietary trading operations. The firm has grown into one of the largest financial institutions in the US and is increasingly able to warehouse positions rather than immediately distributing risk.
Its expansion has not been without setbacks. Jane Street suffered its first monthly loss in a decade in July after a sharp sell-off in artificial intelligence-related stocks hurt some of its positions.
