RAB Slashes Hong Kong Staff, Cancels Planned Fund

Jan 18 2011 | 3:24pm ET

RAB Capital's recovery apparently does not extend to Asia. The troubled London-based hedge fund, which enjoyed a strong year from two of its funds, has reduced its Hong Kong office—its only international office—to a rump.

The firm bade farewell to four members of the five-person team it hired from D.B. Zwirn & Co. in 2009 in December, Bloomberg News reports. The cuts leave just four employees in Hong Kong, led by RAB Asia CEO David Seex.

But Seex now oversees a region where RAB has no dedicated funds and no plans to launch one. The firm shuttered its last Asia hedge fund, run by its Pi investment team, late last year, and cancelled plans to have the former Zwirn team launch a distressed fund.

"We have taken action to reduce our cost base in Asia," the firm said. "We're now focused on expanding our Asian investor base in our core products, several of which delivered very strong returns in 2010."

RAB is retrenching in Asia as other funds are returning to the region after cutting back during the financial crisis.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...