Hong Kong-based hedge fund Welwing Capital Group has hired Rikhil Agarwal, a rates trader from Morgan Stanley Singapore, to join its growing Dubai office, according to a report by eFinancial Careers citing unnamed people familiar with the matter.

Agarwal, who joined Morgan Stanley in early 2024 after a stint at BNP Paribas, is relocating after just 18 months in Singapore. His career also includes roles at NatWest, Millennium, and Barclays, where he spent nearly eight years.

The move underscores a broader industry shift: hedge funds seeking to expand in Asia are increasingly favouring Dubai and Abu Dhabi over Singapore, where hiring remains constrained by tight visa rules.

Welwing, founded in 2019 by CIO Peng Zhang, focuses on macro strategies combining quantitative micro-valuation and top-down macro assessments. The firm registered its Dubai office in the DIFC earlier this year, with senior staff including COO Rob Arnulphy and Head of Compliance Rikesh Gandecha.