Hedge Fund Perry Capital Closes HK Office, Cuts Staff

Oct 21 2011 | 9:36am ET

Perry Capital, the distressed assets specialist founded by Goldman Sachs vet Richard C. Perry, has cut staff and is closing its Hong Kong office, reports DealBook, citing two people with knowledge of the situation.

The firm is reported to have chopped 30 portfolio managers and analysts and three partners, including partner Alp Ercil, the head of the firm’s Asian operations and partners George Brokaw and Andy Isikoff, who focused on private equity and real estate investments.

In a letter to investors—an excerpt of which was seen by DealBook—the firm said it had “undertaken a strategic evaluation of our business and identified our strengths and weaknesses. There will likely be attractive, less liquid opportunities in both the U.S. and Europe going forward, and our core team is positioned to source and execute these deals.”

Perry Capital was founded in 1988.

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