Friday, 25 July 2014
Last updated 5 min ago
Oct 31 2012 | 11:45am ET
Coupland Cardiff Asset Management has closed its event-driven fund after losing its only investor.
The London-based, Asia-focused manager said the CC Asia Advantage Fund had just US$80 million in assets under management at the time of its demise, a tiny fraction of the firm's US$1.2 billion. And while the five-year-old fund did very well in its early days, returning 22% in 2009, recent years have not been so kind. The fund lost 5.98% last year and is down 3.6% this year, as it and other Asia-focused event-driven funds struggle with a paucity of mergers and acquisitions activity in the region.
CC Asia Advantage has been a single-investor fund since 2010. But, CEO Richard Cardiff told Asian Investor, "the investor decided to re-allocate their assets internally and made some allocation shifts away from event-driven, so the fund was closed down and the money returned to the investor."
While the time may not be right to re-launch the strategy—Asian M&A is down 37.1% this year—the firm has retained CC Asia Advantage's manager, Jinesh Patel, and may return to the event-driven space in the future.
"We're always open to examining avenues where we think investors will see decent returns," Cardiff told AI.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…