Dymon, Run by Ex-Citadel Manager, to Grow Hedge Fund on Returns

Dymon Asia Capital, which started a hedge fund in 2008 with capital from Tudor Investment Corp., plans to grow its Asian macro fund by 40 percent to $700 million by the middle of the year before closing it to new cash again.

The Singapore-based firm has increased assets to about $500 million since January, when it re-opened its Dymon Asia Macro Fund to investors after it outperformed the industry, said Chief Executive Officer Danny Yong. The hedge fund had stopped taking in money from outside investors a year ago to cap assets at $320 million, said Yong, who previously set up and ran Citadel LLC’s Asia macro trading business.