Dymon Capital Asia has boosted its investment team with two portfolio managers as it seeks more Japan-related exposure.

Millennium PM Hirofumi Hoshika joined in Tokyo in January, while former Sumitomo PM Junya Sato joined the team this month.

Japan-focused PMs now account for about 20% of total PMs in Dymon’s offices across Asia, while Japan strategies contributed about 25% of 2023 returns.

Hoshika, who was with Millennium for more than four-and-a-half years is trading equity derivatives, while Sato is focused on yen rates.

The former joined Millennium in 2019 after nearly 16 years at Mizuho Securities, where he traded exotic Japanese equity derivatives.

Sato was most recently at Meiji Yasuda Asset Management in Tokyo, where he was a senior portfolio manager for roughly a year. He also previously worked at Sumitomo Life Insurance for more than 11 years where he was a PM on the fixed-income fund.

Dymon deputy CEO Kenneth Kan noted that the firm’s Tokyo office had grown from three to 10 staff members.

“We are in the process of applying for a full DIM licence and are committed to bringing more investment professionals to Japan,” he said.

Earlier this year it emerged that Dymon was planning to add at least 25 PMs to its roster in 2024, adding to the 50 it employs, as it seeks to grow capacity and attract more investments into its flagship fund.

It is reportedly creating a new share class as part of a $1bn fundraising effort for its multi-strat fund, which includes a 5% hurdle rate.

Dymon’s hedge fund gained 1.5% in January after a 12.2% return in 2023. The main drivers this time were equities and relative value trades, it is understood.

Last year, fundamental equities, macro, and equity contributed equally to gains.

Source: WithIntelligence