Sparx Posts Profit On Cost Cuts

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.


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