Friday, 27 November 2015
Last updated 1 day ago
May 15 2012 | 12:35pm ET
One of Asia's largest hedge funds saw its fiscal year loss grow by almost 23% on lower revenues and fee income.
Sparx Group, once the region's largest hedge fund but now only its second-largest, said its annual loss was ¥4.54 billion (US$57 million) for the year-ended March 31. It is Tokyo-based Sparx's second-straight annual loss; the firm took a ¥3.7 billion in the prior fiscal year.
Sparx's revenue dropped 37% to ¥4.49 billion as assets under management fell 20% to ¥535.4 billion and performance fees plummeted 78% to ¥454 million. Management fees dropped 21% to ¥3.8 billion.
The loss is especially disheartening amidst Sparx CEO Shuhei Abe's cost-cutting measures, which have included layoffs.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…