DLD Asset Management

What DLD Asset Management does

DLD Asset Management LP is a New York-based, multi-portfolio-manager relative value investment platform founded in 2013 by Mark Friedman, who serves as CIO and Co-Portfolio Manager. The firm manages commingled funds and separately managed accounts for a global and diverse institutional and high-net-worth investor base, allocating capital across liquid relative value strategies spanning event-driven, equity trading, volatility, and convertible arbitrage. Investment teams apply bottom-up fundamental analysis combined with quantitative techniques to identify mispricings within and across global equity, credit, and derivative markets, favoring situations where a catalyst exists to drive convergence.

The firm's technology backbone is a proprietary integrated investment platform built specifically for relative value investing, supporting multiple portfolio managers with efficient trading, portfolio management, and risk management tools. Its center-book risk management framework bundles positions to isolate premium or spread capture and limit portfolio risk factors, while correlation-aware portfolio construction is designed to minimize strategy overlap and deliver asymmetric risk/reward profiles. The firm's flagship product is the DLD Master Fund, which combines the four core strategies under CIO Mark Friedman and Co-PM Richard Simpson, with a dedicated Convertible Arbitrage PM (Sudeep Duttaroy) and a full functional leadership team covering CFO, CRO, CCO/General Counsel, Head of Business Development, and Head of Marketing & Investor Relations.

DLD generates revenue through investment management fees charged on commingled funds and separately managed accounts. Distribution is direct, relationship-based, and targeted at qualified institutional and sophisticated investors meeting accreditation standards, with pricing not publicly disclosed. The firm operates as a private limited partnership headquartered in New York, with no parent company, no subsidiaries, and no disclosed funding rounds. Specific AUM, fee rates, investor names, and revenue figures are not publicly disclosed, which constrains financial visibility.

Name

DLD Asset Management

Legal name

DLD Asset Management LP

Website

https://dldam.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

DLD Asset Management LP is a New York-based, multi-portfolio-manager relative value investment platform founded in 2013. It manages commingled funds and separately managed accounts for global institutional and high-net-worth investors across event-driven, equity, volatility, and convertible arbitrage strategies.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

akta.pro primary industry

Liability Management (Tender Offers/Exchanges/Buybacks) (FSACABAM)

Keywords

• Relative value investing
• Convertible arbitrage
• Event-driven strategies
• Volatility trading
• Equity arbitrage

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management Fees: DLD Asset Management generates revenue through investment management fees charged on commingled funds and separately managed accounts managed for institutional and high-net-worth investors globally.

Go-to-market motion1 record

Distribution channels1 record

Core offering

DLD Asset Management is a multi-portfolio manager relative value investment platform that manages commingled funds and separately managed accounts for institutional and qualified investors. It allocates capital across four core relative value strategies—Event-Driven, Equity Trading, Volatility, and Convertible Arbitrage (CONVERTS)—managed by specialized investment teams using bottom-up fundamental analysis combined with quantitative techniques.

Product overview

DLD Asset Management is a multi-PM relative value investment platform offering a portfolio of complementary investment strategies. The firm's core product is the DLD Master Fund, which combines four distinct strategies: Event-Driven, Equity Trading, Volatility, and Convertible Arbitrage (CONVERTS). The platform also offers separately managed accounts for institutional and qualified investors. All strategies are built on relative value principles, using bottom-up fundamental analysis and quantitative techniques to identify market inefficiencies with catalysts for convergence.

Differentiator

Problem solved

Functional benefit

Brands

• DLD Master Fund: The flagship fund of DLD Asset Management managed by CIO Mark Friedman and Co-Portfolio Manager Richard Simpson.

Products and services

• DLD Master Fund Flagship multi-strategy relative value fund that combines event-driven, equity trading, volatility, and convertible arbitrage strategies, managed by multiple portfolio managers on DLD's platform for institutional and qualified investors.
• Event-Driven Strategy

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Caxton Associates: Multi-strategy hedge fund manager with global relative value and macro strategies; comparable in multi-strategy construction and institutional client focus.
• Capula Investment Management: London- and New York-based relative value-focused hedge fund manager with multi-strategy mandates, closely comparable to DLD's relative value platform and event-driven/credit orientation.
• Linden Capital (Linden Advisors): Multi-strategy hedge fund manager with a relative value and event-driven emphasis; runs similar concentrated strategies with comparable institutional LP base.
• ExodusPoint Capital Management: Multi-strategy hedge fund combining fundamental and quantitative approaches across global markets; directly comparable in business model and multi-PM structure.

Broad incumbents

• Millennium Management: Industry-leading multi-PM platform with a much broader portfolio of pod-based strategies; represents the scaled version of DLD's multi-PM relative value model.
• Citadel (Citadel LLC): Global multi-strategy hedge fund and market-maker with a broad relative value, fixed income, and equity franchise; a dominant incumbent in the same space.
• Point72 Asset Management: Multi-strategy hedge fund platform with discretionary equity, macro, and relative value franchises; comparable in offering breadth and institutional client base.
• Balyasny Asset Management: Multi-PM hedge fund platform operating pods across equities, macro, credit, and commodities; directly comparable business model to DLD at substantially larger scale.
• Schonfeld Strategic Advisors: Multi-PM hedge fund platform with global relative value, macro, and equity strategies; comparable multi-PM construct and institutional distribution.

Emerging players

• Arrowstreet Capital: Quantitative equity-focused asset manager; identified as a co-investor with DLD in public equities, indicating overlap in institutional positioning activity rather than direct product competition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DLD Asset Management