Mount Kellett Capital Management has pulled the plug on its two-and-a-half year old Asian stock hedge fund.
The New York-based firm will liquidate the $120 million Mount Kellett Asia Partners fund to focus on credit investments in the region, Bloomberg News reports. Fund manager and Mount Kellett co-founder Jason Maynard will remain with the firm, as will Hong Kong-based managing director Hani Abuali, but the hedge fund's head of Asia trading, Simon Kemp, and an analyst have left the firm.
Maynard launched Asia Partners in May of 2010, focusing on large-cap Asian stocks with a fundamental and macroeconomic basis. The fund was up 7.8% this year.
Mount Kellett has $7 billion in assets under management, and this year raised a $4 billion special situations and opportunistic fund.