Doric Closes Flagship Fund After 28% Loss

Feb 22 2012 | 3:34am ET

A veteran Hong Kong hedge fund has joined the ranks of Asia's shuttered hedge funds.

Doric Capital Corp. has liquidated its flagship Focus Fund after losing 28% last year, Reuters reports. Doric itself is not shutting its doors and will continue to run its Asia Pacific Small Cap Fund.

Doric launched Focus in October 2001. The Asia ex-Japan equity long/short fund grew to US$350 million by 2006, but had shrunk to just US$25 million. The firm closed the fund last month.

"It was a tough decision to close down the Doric Fund given its long and respectable track record spanning over 10 years," Doric's Howard Wong told Reuters. "Nevertheless, its less-than-splendid performance in recent years has prompted us to re-align our core competency with our goal and thus focus on the Doric Asia Pac Fund."

Dozens of Asia-focused hedge funds have closed in recent years, including about 67 last year. Asian hedge funds manage almost 30% less than they did four years ago.

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