Wednesday, 2 September 2015
Last updated 3 hours ago
Jul 31 2012 | 11:50am ET
Lazard has shuttered an activist hedge fund focused on Korea, a vehicle that never lived up to its promise.
The Korea Corporate Governance Fund debuted in 2006 with a US$600 million capacity; Lazard called it the first socially-responsible investment fund in South Korea. Despite a US$100 million investment from the California Public Employees Retirement System at the beginning of 2008, the fund never neared that capacity, topping out at about US$300 million just in time to lose more than 40% in 2008.
The fund, which invested in small- and mid-sized companies, rebounded in 2009 and 2010, returning 11% and 29.5%, respectively. But it plummeted 19.4% last year, leaving it with a market value of just US$67.8 million.
Lazard said it will offer clients in the fund its Korean equities strategy, Asian Investor reports.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…