Yet another overseas fund manager has been drawn to Singapore.
Yet another overseas fund manager has been drawn to Singapore. This time it’s DiMaio Ahmad Capital LLC, the New York-based credit specialist, reported Bloomberg this week. No one at the firm went on record to comment although according to the Accounting and Corporate Regulatory Authority an office under the name DA Capital Asia Pte has been registered. This follows recent expansions into Asia by Fortress Investment Group LLC and Algebris Investments LLP, both of whom have opted for the Lion City. And with MAS commenting last week that it intends to strengthen Singapore as a fund administration centre, the possibility of more funds being attracted there appears firm. Especially as global managers look to tap the region’s assets and generate outperformance on the back of favourable economic conditions. DA Capital was started by Jack DiMaio and Nasser Ahmad in 2005. The asset management firm runs approximately USD3billion in assets and counts Morgan Stanley as a minority stakeholder. DiMaio actually joined the US banking giant in 2009 as Global Head of Interest Rate, Credit and Currency Trading before leaving this year. Ahmad joined SeaTown Holdings Pte as co-CEO in 2010. The hedge fund firm is a unit of Singapore’s sovereign wealth fund, Temasek.
