Friday, 31 October 2014
Last updated 29 min ago
Dec 14 2011 | 10:50am ET
Capstone Investment Advisors has closed its office in Singapore—its only Asia presence—and parted ways with half of its staff in the city-state.
While many other western hedge funds are racing to set up shop in Asia, Capstone has decided to centralize its trading operations at its New York headquarters and in London, HFMWeek reports. The latter will now serve as its Asia trading center and the home to three of the six employees in Singapore moving to the British capital.
The other three plan to remain in Asia and find new jobs.
It is unclear why the US$1.3 billion global volatility manager chose to abandon its Asia hub; the firm's flagship is actually up 11% this year, while the average hedge fund is down, particularly hedge funds focused on Asia. Earlier this year, Capstone decided to shutter its broker-dealer in another streamlining move, to focus exclusively on its hedge funds.
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