Thursday, 29 September 2016
Last updated 9 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.