Thursday, 18 December 2014
Last updated 2 hours ago
Feb 17 2010 | 2:03am ET
Assets under management, fees and revenue are all down at Asia biggest hedge fund firm. But Sparx Group has also imposed draconian cost cuts, helping cut its nine-month loss by more than three-quarters.
Sparx President Shuhei Abe has made it his mission to return the firm to profitability after it suffered its first-ever annual loss in its last fiscal year. It will need a heck of a fourth fiscal quarter to do that, but at the very least Sparx is on the right track.
The firm posted an ¥896 million (US$10 million) loss in the last nine months of 2009. Not good, to be sure, but a good deal better than the ¥4.01 billion (US$44.5 million) loss it suffered in the year-earlier period, thanks to a 46% decline in operating costs.
Unfortunately for the firm, everything else is lower as well. Revenue is down 36% to ¥6 billion (US$66.6 million), management fees dropped 42% to ¥4.7 billion (US$52.2 million) and performance fees plummeted 76% to ¥555 million (US$6.2 million). Assets under management are down to ¥617 billion (US$6.9 billion), from ¥2 trillion (US$22.2 billion) three-and-a-half years ago.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.