Coupland Cardiff Cuts Asian Event-Driven Fund

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.


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