Asian Hedge Fund Novatera Calls It Quits

May 30 2012 | 12:52pm ET

Add another Asian hedge fund to the scrap heap.

Singapore's Novatera Capital has closed its doors and returned its capital to investors. The long/short small-cap equity hedge fund had lost about 16% last year.

Founder Robert Lewis told Reuters that he returned the last of the money about two weeks ago. He added that he is working on other projects now—including a class on value investing—that will not involve his managing money.

The former JPMorgan Chase executive had managed about US$90 million at Novatera, down from a peak of about US$130 million.

The Asian hedge fund industry continues to contract this year, after seeing 140 funds close their doors last year.


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