Tiger Asia Down 16% As Shorts Keep Suffering

May 24 2011 | 1:43pm ET

If Tiger Asia Management founder Bill Hwang was "disappointed" with his hedge fund's 0.5% return last year, he must be beside himself about its performance this year.

New York-based Tiger Asia is down 16% through the middle of May—and that's after accounting for its 10% rise during this month's first two weeks, Bloomberg News reports. As with last year, when "shorts were a major drag on returns," so again this year—Tiger Asia has been battered by its shorts in 2011, especially against Chinese stocks.

The poor performance has hit Tiger Asia's assets hard. The firm managed just $1.3 billion in April, less than half the $3 billion it managed in September and down from the $2 billion in managed at the end of last year.

In addition to weak performance, Tiger Asia has had to contend with three insider-trading investigations, one in Hong Kong and the other two in the U.S. Hong Kong regulators are seeking to freeze some of the hedge fund's assets in the city and eventually to bar the firm from trading there.

Tiger Asia told investors earlier this month that it has nothing new to report about the ongoing probes.

Four analysts have left Tiger Asia this year, according to Bloomberg. The firm has made a single hire, from Kelusa Capital.


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