Ex-Goldman Prop. Trader's Hedge Fund To Close

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.


In Depth

OmniQuest Capital: Why Funds of Hedge Funds Work

Aug 11 2016 | 4:47pm ET

There have been few sectors of the alternative investment universe under as much...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...