Thursday, 25 December 2014
Last updated 1 day ago
Dec 12 2012 | 12:06pm ET
Martin Currie Investment Managers has decided to close its China-focused hedge fund at the end of a two-year period that saw the departures of the fund's managers and a regulatory slap on the wrist for a conflict of interest.
Martin Currie has hired a liquidator to wind down the fund, which debuted in 2002, Asian Investor reports. The fund currently manages less than US$10 million, a far cry from the US$200 million it boasted just two years ago.
A spokesman for Martin Currie said the decision was "driven by its small scale and low expectations of future growth."
The China Fund managed double-digit returns on an annualized basis for its first eight years. But in the middle of last year, co-manager Chris Ruffle left amidst the early rumblings that the U.S. Securities and Exchange Commission and U.K. Financial Services Authority were probing potential conflicts of interest at the fund. It was eventually fined US$14 million, more than it currently manages.
Ruffle and the fund's other co-manager, Ke Shifeng, who left shortly after Ruffle, launched a new hedge fund, Open Door Capital Group, earlier this year. James Chong has handled the fund's management since then.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.