Friday, 29 May 2015
Last updated 16 min ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…