Wednesday, 1 April 2015
Last updated 3 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…