Friday, 1 August 2014
Last updated 14 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…