Key Takeaways
- • DLD Asset Management, a US-based hedge fund manager with approximately $3 billion in regulatory assets under management as of end-2025, is establishing its first Hong Kong office to expand relative-value trading operations across Asia.
- • The firm has recruited Sohit Khurana, co-founder of Hong Kong-based Maso Capital Partners (established 2012), as its first senior hire in the city, signaling a commitment to building regional capabilities.
- • Hong Kong's resurgence as a hedge fund hub is being driven by proposed tax incentives for eligible carried interest income, recovery from political unrest and Covid restrictions, and increasing institutional demand for alternative investments across Asia.
- • DLD joins a wave of international hedge fund managers expanding into Hong Kong, including Tudor Investment Corp's quantitative spinout Xantium Group and Graham Capital Management ($22 billion in global macro assets), both establishing Asian bases in the territory.
- • The hiring represents a strategic pivot for Khurana from Maso Capital Partners, which he co-founded with former Och-Ziff Capital Management executive Manoj Jain.
Summary
DLD Asset Management is entering the Hong Kong market as part of a broader strategy to expand its relative-value trading activities across Asia. The firm, which reported approximately $3 billion in regulatory assets under management at the end of 2025, has recruited Sohit Khurana as its first senior Hong Kong-based employee. Khurana co-founded Maso Capital Partners in 2012 alongside Manoj Jain, a former executive at Och-Ziff Capital Management, establishing a track record in the region's hedge fund ecosystem.
The expansion reflects a significant reversal in Hong Kong's appeal to international hedge fund managers. After several years of headwinds stemming from political unrest, Covid-19 restrictions, and geopolitical tensions, the financial hub is experiencing renewed interest from alternative asset managers. Proposed tax incentives targeting eligible carried interest income have emerged as a key competitive advantage, intensifying Hong Kong's rivalry with Singapore for hedge fund talent and capital allocation.
DLD is not an isolated case. Tudor Investment Corp's quantitative spinout Xantium Group recently hired Christina Ma, a former Goldman Sachs partner, to spearhead its Asian operations from a Hong Kong base. Similarly, Graham Capital Management, a $22 billion global macro manager, is opening its inaugural Asian office in Hong Kong, positioning the location as a hub to serve institutional investors and family offices across Hong Kong, Singapore, South Korea, and Japan amid growing regional demand for alternative investments.
This wave of hedge fund expansion into Hong Kong underscores institutional investors' appetite for Asia-focused alternative strategies and managers' confidence in the territory's regulatory environment and talent availability. The recruitment of established regional figures like Khurana suggests that international managers are prioritizing local expertise and relationships to build credible Asian operations.
The expansion reflects a significant reversal in Hong Kong's appeal to international hedge fund managers. After several years of headwinds stemming from political unrest, Covid-19 restrictions, and geopolitical tensions, the financial hub is experiencing renewed interest from alternative asset managers. Proposed tax incentives targeting eligible carried interest income have emerged as a key competitive advantage, intensifying Hong Kong's rivalry with Singapore for hedge fund talent and capital allocation.
DLD is not an isolated case. Tudor Investment Corp's quantitative spinout Xantium Group recently hired Christina Ma, a former Goldman Sachs partner, to spearhead its Asian operations from a Hong Kong base. Similarly, Graham Capital Management, a $22 billion global macro manager, is opening its inaugural Asian office in Hong Kong, positioning the location as a hub to serve institutional investors and family offices across Hong Kong, Singapore, South Korea, and Japan amid growing regional demand for alternative investments.
This wave of hedge fund expansion into Hong Kong underscores institutional investors' appetite for Asia-focused alternative strategies and managers' confidence in the territory's regulatory environment and talent availability. The recruitment of established regional figures like Khurana suggests that international managers are prioritizing local expertise and relationships to build credible Asian operations.
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