Wednesday, 24 August 2016
Last updated 14 min ago
Jun 1 2007 | 11:52am ET
While some firms are launching private equity products to complement their hedge fund offerings and vice versa, at least one shop is going the other way. MG Capital this week said it intends to wind down its hedge fund business, Jade Absolute Fund Managers, in order to concentrate on its private equity business.
Jade Chief Investment Officer Stephen Swift is retiring, making it the opportune time to wind down Jade Absolute and focus on the p.e. business, according to Peter Hannen, MG's Chairman.
“We have therefore agreed with Close Investments that our advisory role on the Close Investments Far East Equity Fund, the main fund advised by Jade, will be taken on by another advisor at the end of this month,” he said. The firm’s advisory role in the Close Equity Fund, which is a long-only Asian equity fund, has been handed over to Singapore-based UOB Asset Management.
Charles Fowler, MG’s managing director and compliance officer, said the firm is still finalizing its plans for Jade and declined to further comment on its impending demise. The firm is planning the launch of a pan-Asia (ex-Japan) p.e. fund and another undisclosed p.e. fund sometime in October, according to Fowler.