Quantitative hedge fund manager Qube Research & Technologies has expanded assets in its China-focused long-only equity strategy more than tenfold over the past year, as global investors return to the country’s equity markets, according to a report by Bloomberg.
The Dao China fund has grown to more than $2bn in assets, up from around $190m a year ago, according to Murray Steel, Qube’s Asia-Pacific chief operating officer. It is currently the only one of the London-based firm’s four funds that remains open to new capital.
The rapid expansion comes amid renewed allocator interest in China strategies. Recent surveys from Goldman Sachs and BNP Paribas show investors are increasingly adding exposure after several years of outflows driven by concerns over economic growth, regulation and geopolitics. BNP Paribas data indicate that while 42% of investors withdrew capital from China hedge funds in 2023, 14% now plan to allocate to the space in 2026, up from 9% last year.
Qube’s Dao fund is marketed as a dedicated access point to China for international investors, applying the firm’s global quantitative research to domestically listed A-shares. Since launching in November 2022 through to the end of January 2026, the strategy delivered a cumulative return of 98%, outperforming the CSI All Share Index by 57 percentage points in dollar terms, according to the firm.
Founded by former Société Générale and Credit Suisse executives Pierre-Yves Morlat and Laurent Laizet, Qube was spun out in a management buyout in 2018 and now manages more than $42bn in assets. The firm’s overall assets have expanded by around 50% over the past 11 months, supported by both inflows and performance.
Last year, Qube merged two of its flagship funds — Torus and Prism — into a single strategy combining futures, equities and macro exposures. Across its platform, the firm posted a composite return of 22% in 2025, weighted by assets under management.
Qube has also continued to scale its Asia-Pacific presence. The firm recently signed a lease for up to 146,000 square feet at Hong Kong’s Two International Finance Centre, with occupancy expected in early 2027, and has expanded its footprint at Central Tower in the interim. Qube now employs around 2,000 staff globally, with roughly one-third based in the Asia-Pacific region.
