Monday, 29 August 2016
Last updated 2 days ago
Sep 28 2010 | 1:11pm ET
While other hedge funds race to launch Asian operations, Marble Bar Asset Management is getting out of the region.
The London-based firm’s Asia hedge fund is the latest casualty of the firm’s retrenchment efforts following its management team’s buying the firm back from EFG International this summer. Marble Bar, led by Hilton Nathanson, has been cutting back on strategies added by the Swiss bank since it bought a majority stake in the hedge fund three years ago, and has laid off half of its staffers.
Among those laid off appear to be the three managers in Marble Bar’s Hong Kong office, which has already been closed, Bloomberg News reports. The firm is now considering what to do with its Singapore staff, made up of Jake Kee, the firm’s chief investment officer, and another manager.
Kee ran the MBAM Pan Asia Fund, which managed about US$100 million before Marble Bar liquidated it. The five-year-old fund once managed as much as US$530 million.
Under EFG’s watch, Marble Bar’s assets under management dropped from US$6 billion to about US$1 billion.