Sunday, 19 April 2015
Last updated 21 hours ago
Feb 22 2010 | 12:19pm ET
Odey Asset Management has shuttered and liquidated its Asia hedge fund, the second time in two years that it has closed a fund dedicated to the region and leaving it with no Asia-only hedge funds.
The firm last month returned the money in its Asia fund to investors, Financial News reports. According to Odey CEO David Stewart, the fund only garnered US$12 million at its peak, not enough to justify its continuation. And he blamed the fund’s failure to drum up more interest on the failure of its Japan fund in mid-2008, after it had shrunk by more than 97% due to redemptions and big investment losses.
The Asia fund was opened to external investors only months before Odey shuttered the Japan fund.
Still, the fund gave things a good go, strongly outperforming the sinking Asian markets during its lifespan. In 2008, the fund lost 14%, while the average hedge fund lost closer to 20% and the MSCI Asia ex-Japan index plummeted 45%. Over the last three years, the fund has returned 8%; the MSCI index just 4%.
When Odey pulled the plug last month, the fund had just three outside investors.
Vijaya Subramanian, who managed the closed Asia fund, left Odey at the end of January.
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…