Saturday, 4 July 2015
Last updated 22 hours ago
May 14 2010 | 1:16am ET
Asia’s largest hedge fund firm is back in the black. Sparx Group turned a ¥398 million profit in the year-ended March 31 following a program of painful cost cuts.
Tokyo-based Sparx lost ¥23.3 billion in the prior fiscal year, leading firm president Shuhei Abe to vow to return the firm to profitability last year. And he did just that, slashing costs by 42% and selling its stake in Cosmo Investment Management.
While Sparx’s revenues rose 7.6% during the year, the firm’s assets under management remained just a third of what they were four years ago, at ¥686 billion. Management fees dropped 38% and performance fees plummeted 65% year-on-year.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…