Monday, 30 May 2016
Last updated 2 days ago
May 31 2012 | 2:39am ET
Having failed to attract the capital they sought, the co-founders of China-focused hedge fund JT Capital Management are calling it quits.
Larry Zhang and Kurt Baker will step down as managers of their Greater China Long-Short Fund, Asian Investor reports. The fund will go on, turned over to Harvest Alternative Investments, whose parent company seeded the vehicle.
Once the transfer is completed on June 5, the former JT fund will be run by Daniel Tao, Harvests' chief investment officer. Most of the fund's investors have agreed to remain with the fund.
Zhang and Baker had hoped to raise some US$100 million for the Long-Short fund, but fell short. It also came up short in the returns department, according to AI.
The two men founded JT in 2010. Zhang is a former adviser to China's national social security fund and a former partner at GSA Capital Partners, while Baker was head of Morgan Stanley's Asia prime brokerage.