Tokyo's Sparx Group Loses $46M

May 16 2011 | 12:56pm ET

Asia’s number-two hedge fund, the Tokyo-based Sparx Group, posted a loss of 3.7 billion yen ($46 million) for the year ended March 31, with fee income down 19% year on year at 4.9 billion yen.

A year earlier, the fund posted a 398-million-yen profit. Revenue fell 10% year on year to 7.1 billion yen and assets have tumbled by more than half since peaking at 2 trillion yen in 2006, the company said in a statement Friday.

President Shuhei Abe is looking to serve a market beyond Japan—planning new funds and expanding the company’s presence in Hong Kong.

Sparx Group shares have slipped 3% this year and fell 2.6% to 8,880 yen on Tokyo’s Jasdaq on Friday prior to the earnings news.

Bloomberg reports that Abe plans to start a long-short fund to invest in Asian companies best placed to benefit from fast-growing world economies.


In Depth

Electronifie: Better Bond Trading

May 11 2016 | 3:03pm ET

Technology has revolutionized countless aspects of investing and trading, but the...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...