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Dymon expands Hong Kong office

Dymon expands Hong Kong office  Singapore-based alternative investor Dymon Asia Capital has bucked a trend by buying more office space in Hong Kong. The hedge fund has signed a lease for a 7,000 sq ft office in Edinburgh Tower, a complex owned by Hongkong Land Holdings. According to deputy chief executive Kenneth Kan, the new office space will house more than 70 employees, doubling the headcount of its current premises in Nexxus Building. The move comes at a time when Hong Kong is experiencing record rates of office vacancies and falling rental rates. According to a report from real estate agent CBRE, the vacancy rate of grade A offices reached a record 16.7% by the end of March. In addition, rent rates have now fallen for 20 consecutive quarters. The long spell of declining rent rates may have started before the Covid pandemic but Hong Kong’s strict travel restrictions left the island and its financial sector facing a severe staffing shortage. In contrast, Dymon has hired 15 portfolio managers since 2023, almost half of which (40%) have chosen to live in Hong Kong, prompting the purchase of bigger office space. “With a growing pool of talent choosing to work in Hong Kong, this necessitated the need for a larger office, prompting us to search for a suitable space earlier this year,” said Kan. “Hong Kong remains a key market for Dymon Asia, and we will continue to grow our team here.” © 2024 funds global asia

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