(Bloomberg) – It’s been a tough year for hedge funds in Asia, but that doesn’t mean they’re all struggling.

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Large global and regional funds have been hiring at a breakneck pace in Asia as volatile markets favor companies employing multiple strategies and investment teams, while smaller local peers underperform.

Izzy Englander’s $59 billion Millennium Management has more than 50 investment teams in the region and has doubled that number during the year.