Friday, 5 February 2016
Last updated 35 min ago
Sep 26 2012 | 11:50am ET
Another Asian hedge fund is calling it quits, this one after less than a year in business.
Sharp Peak Capital Management debuted in October. In the ensuing 10 months, it has been punished by the very volatility it sought to profit from, with its Vega Fund losing 21.5%, including 15.5% this year through July.
Vega has about US$50 million in assets under management.
Hong Kong-based Sharp Peak is backed by DragonBack Capital Limited and is a member of its hedge fund platform. Sharp Peak was founded by former Credit Suisse executives Jean-Guy Renard and Jonathan Hodgson and former TransMarket Group employee Nils Razmilovic.
Renard left Sharp Peak earlier this year; his license with DragonBack expired in April and his name does not appear on that month's Sharp Peak newsletter.
Sharp Peak is only the latest Asian hedge fund to close its doors this year. More than 70 have done so, including Boyer Allan Investment Management, Novaterra Capital, Orvent Asset Management, Penta Investment Advisors, Pivotal Investments, Riley Paterson Investment Management, Sequence Asset Management and Tiger Asia Management.