(Aug 18): Singapore hedge fund firm Dymon Asia Capital has scored a commitment of about US$1 billion (RM4.06 billion) from sovereign wealth giant Abu Dhabi Investment Council (ADIC), a move that will help fuel its expansion spanning markets from London to Hong Kong, according to people familiar with the matter.

The allocation will be made in tranches, the people said, asking not to be identified because the matter is private. For ADIC, the move is in line with its drive to ramp up hedge fund investments to boost returns.

A spokesperson for Dymon declined to comment. A representative of ADIC referred to a previous statement which said it continues to see value in hedge fund strategies “that can provide diversification, downside protection and attractive risk-adjusted returns across market cycles”.

Dymon’s explosive growth has surpassed even its own expectations. Last year, the fund expected to be managing around US$5 billion by the end of 2026, but its assets had almost doubled to US$9 billion as of July 31, making it one of the largest hedge fund operators in the region.

Its flagship Dymon Asia Multi-strategy Investment fund has gained 7.5% this year, even after dropping 6.5% during July’s market rout.

One key area of expansion for Dymon will be in commodities. It hired Singapore-based Jain Global Senior Portfolio Manager Amir Ravan, one of the US firm’s biggest generators of returns last year, as the head of commodities, people familiar said this week. BlueCrest Capital Management’s Jay Radia is also joining as the chief operating officer for commodities, a person said.

Dymon is also aiming to rapidly expand in London. It recently hired Manas Baveja, one of the biggest macro traders at Schonfeld Strategic Advisors. He will be based there with Bernie Ahkong, announced as its London head in May. That comes on top of expanding teams in offices from South Korea to Hong Kong and India.

ADIC has been increasing allocations to hedge funds. It invested in ExodusPoint Capital Management and London-based Deem Global, and is considering building exposure worth US$15 billion with global hedge funds, according to people familiar with the matter.

Uploaded by Tham Yek Lee