Tuesday, 23 August 2016
Last updated 1 hour ago
Nov 3 2010 | 10:18am ET
An Asia hedge fund founded last year by a former Goldman Sachs trader will close its doors this month.
Cypress Lane Capital is liquidating its US$25 million fund and will return assets to investors by the end of this month. Shafiq Karmali, a former trader in Asia with Goldman's Principal Strategies proprietary trading business, launched the Cypress Lane Asia Fund just last August.
Cypress Lane is just the latest Asian hedge funds—among them several startups by prominent money managers—to throw in the towel this year, following Minerva Capital Management, DragonBack Capital and Amoeba Capital Partners.
Karmali served as chief investment officer of the fund, which lost about 10% through September, although it added 1.5% last month, Bloomberg News reports. He plans to move from Hong Kong to Canada to be closer to his family within six months, and will continue to manage his own money, he told investors in a letter.