Saturday, 1 August 2015
Last updated 15 hours ago
Dec 21 2012 | 10:19am ET
Planned changes can't come fast enough for Sloane Robinson as the hedge fund limps towards a second straight down year.
Firm co-founder Richard Chenevix-Trench, who had planned to take a six month "recharge" beginning in March, has decided he can't afford the time away. One of Chenevix-Trench's two funds, an Asia-focused vehicle, is to close next year and the other, an emerging-markets vehicle, will expand its remit to include global stocks.
The latter fund, London-based Sloane Robinson's flagship, lost 17.2% last year and is down 1.7% this year, Reuters reports. Assets have fallen by more than half this year, to US$700 million.
"Emerging market investment, as in so much of the world, has become about a search for niches of growth, where businesses can find room to develop irrespective of the slowing economies and still meet or exceed the expectations currently baked into prices," Chenevix-Trench wrote to investors.
The restructuring of Sloane Robinson, which will also include the launch of a new emerging-markets fund and the end of co-founder Hugh Sloane's tenure as CEO, is hoped to revive the firm's flagging fortunes. Assets under management have dwindled from US$15.1 billion in 2008 to US$2.5 billion today, and its emerging-markets strategy isn't the only one that is suffering.
Sloane's International Portfolio is on pace to suffer its third-straight losing year, down 6.2% through November. And though its smaller funds, Frontier and Japan, are up by double-digits this year, they remain in the red since inception.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…