(Financial News London) — Dymon Asia posted a performance bump in May as the Singapore-based multi-strategy hedge fund extended its gain for the year, despite volatile markets.

The fund, which manages $3bn in assets, gained 3.3% in May, taking its yearly gain to 8%, according to people familiar with the matter. The fund gained 17% in 2024.

Dymon Asia’s multi-strategy fund allocates capital to money managers across different asset classes including FX, fixed income, equities, credit and commodities.

Following US president Donald Trump’s tariff announcement-led market chaos in April, global equities recovered last month. The S&P 500 gained almost 4% in May.

Gold jumped by more than 3% last month.
Dymon Asia manages around $4.8bn in assets across all its funds.

Data from hedge fund research firm HFR shows that global funds lost almost 1% on average this year to 30 April. Macro hedge funds suffered the most with a dip of 2.6% on average.

Dymon Asia — which was founded in 2008 — has expanded its presence across Asia in recent years with offices in Bengaluru, Mumbai and Dubai. The hedge fund received registration from the Dubai Financial Services Authority in October last year and has moved senior money managers to the location since then.

Cyril Brudy, Dymon Asia’s senior portfolio manager and partner, relocated to Dubai earlier this year. Brudy leads Dymon Asia’s Dubai operations as senior executive officer.

Beng Hong Lee, the former head of wholesale markets and platforms at the Singapore Exchange, joined Dymon Asia as a partner in April.

The hedge fund also hired Sameer Bhise, ex-JM Financial managing director, in February as a director in its India office.

Write to Bilal Jafar at bilal.jafar@dowjones.com

(END) Dow Jones Newswires