Friday, 21 October 2016
Last updated 13 hours ago
Apr 17 2012 | 12:33pm ET
SAC Capital Advisors' former Asia chief has been named president of Singapore-based hedge fund Dymon Asia Capital, one of the region's largest.
Jay Luo will oversee risk management and operations for Dymon when he joins the firm in June. As at SAC, he won't manage any of Dymon's US$2.85 billion in assets, and his addition is subject to regulatory approval.
Hiring Luo will allow Dymon founder Danny Yong to spend more time managing money, he told Bloomberg News. Dymon's flagship macro hedge fund returned more than 20% last year but is down about 2% this year.
Luo will remain in Hong Kong. He spent a decade at SAC, running its Asia operations for six years after a stint at the firm's Stamford, Conn., headquarters, in risk management.
"Jay's risk-management experience is crucial in helping us to further refine and institutionalize our risk-management processes and controls, and continue to pursue our core focus of delivering performance through prudent monitoring and management of the investment portfolio and financial markets which we invest in," Yong told Bloomberg, which broke the news of Luo's hiring. "SAC is clearly one of the best hedge funds in the world with outstanding risk-management practices."