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Singapore hedge funds added 6 new portfolio managers in April

Singapore isn’t the hedge fund heaven that Hong Kong is usually seen as, but things seem to be taking a turn. Funds in the city – both headquartered and present there – have been busy adding Portfolio Managers (PMs) in the city.

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Amit Suman joined Brevan Howard as a PM last month. He was a PM at RV Capital Management, a Singapore-based hedge fund, for four years before leaving. Although moving to a huge multi-strategy firm is appealing for many reasons, Brevan cut a significant number of portfolio managers last month, but has been expanding in Abu Dhabi.

Akshay Bhor, meanwhile, joined Balyasny as a PM in equities. Bhor was an analyst at Citadel before leaving the fund, which he joined in 2021. Although Citadel had a much better 2023 than Balyasny, the jump to PM is impossible for most people to ignore – even if they are sometimes toxic. The rewards can be big, but so can the risks.

Ankit Khetan, a 9-year veteran of Singapore-based Crescent Asset Management in the city, left his post as partner (and PM) to join Southern Ridges Capital, a fund started just back in 2022 by Mohit Khurana, a former trader at BlueCrest, Mike Platt’s hedge-fund-turned-family-office.

Abhay Nainan joined Millennium as an associate portfolio manager. Nainan was an analyst Schonfeld for 2 years before leaving, covering macro and fixed income. Schonfeld to Millennium seems like a logical move. Although the former returned a respectable 4.8% to investors across 2023, Millennium hit double digits. 

Meanwhile, Terry Ang left Millennium and joined North Rock Capital Management as a PM in equity long/short. North Rock was in the midst of a hiring spree last year, Reuters reported.

Also moving was Min Chen, who joined Miami-based Eternal Capital Group in Singapore as a partner, and co-PM of equity strategy. He left Somerset Capital Management to do so, where he was a PM. Somerset, which has since shut down, was best known for being founded by UK parliamentarian Sir Jacob Rees-Mogg.

Last, but not least, was Tokyo-based Yoichi Takemura. A JPMorgan MD in the city, Takemura joined Minnesota-based Garda Capital Partners in Singapore last month, Bloomberg reported. He’s expected to join the fund in the city this month (after some gardening), with a focus on expanding Garda’s FX trading, especially in Yen, which is currently… Volatile, let’s say.

Singapore’s hedge funds have been booming lately – to the extent that they’ve looked abroad, mainly to the UAE, to expand their footprints. Singapore now has more than 250 hedge funds, with even newly established and not even launched funds such as Jain Global preparing a footprint in the city alongside typical stalwarts such as London, New York, and Hong Kong.

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AUTHORZeno Toulon

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