Thursday, 21 August 2014
Last updated 7 hours ago
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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note