Singapore's top hedge fund loves interns from one particular university
The last time we wrote about Dymon Asia Capital, it was about its expansion across Asia, with Dubai, Hong Kong, and Mumbai offices all adding people. This time, however, the hedge fund’s expansion has been in its Singaporean headquarters, for a very good reason – the new faces are all juniors.
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We counted 12 interns joining Dymon Asia this year. Of those, eight of those are in strategy and research (on the path to being analysts), three are in risk and data analytics, and one is in business development, of all things in the world.
What those 12 interns had in common was limited, but there was one trend that was clear: Dymon Asia really, really, likes graduates from the National University of Singapore. With four interns having attended the university, it was the most popular place the firm hired from. Two other big Singaporean universities, Nanyang Technical University and Singapore Management University, only had one representative, each.
Almost all interns had at least one previous internship under their belt, with Point72’s academy, D.E. Shaw, Barclays, PwC, and Natixis spring or summer internships all represented.
Eleven of Dymon's interns appear to be based in Singapore. That might change in future years, however – Dymon Asia recently signed a lease for a big new office in Hong Kong’s Edinburgh Tower, at a time when occupancy rates in the city were at an all-time low, according to The Edge Singapore.
It’s not surprising that Dymon Asia is growing its footprint. The hedge fund’s returns have been wildly impressive so far in 2024, with Reuters estimating that the firm had returned 12.4% in the first half of the year, ahead of rivals such as Millennium, which returned 6.9%, and Citadel’s flagship Wellington fund, which returned 8.1%. Pensions & Investments estimated last week that hedge funds as a whole had managed to return an average of 5.8% so far in 2024.
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