US hedge fund manager DLD Asset Management is establishing a presence in Hong Kong as it seeks to expand its relative-value trading activities across Asia, hiring Maso Capital Partners co-founder Sohit Khurana as its first senior recruit in the city, according to a report by Bloomberg. Khurana, who co-founded Hong Kong-based Maso in 2012 alongside former Och-Ziff Capital Management executive Manoj Jain, is joining DLD, according to people familiar with the matter. Graham Capital Management, the $22bn global macro manager, is also opening its first Asian office in Hong Kong. The firm plans to use the location to serve institutional investors and family offices across Hong Kong, Singapore, South Korea and Japan as demand for alternative investments grows. He also co-founded AM Investment Partners, a volatility and convertible-arbitrage hedge fund that previously operated from Hong Kong.