Queensland Cuts Quant Fund

Feb 8 2013 | 4:26am ET

Australia's Queensland Investment Corp. is getting out of the business of betting on Asia, quantitatively.

The firm has shut down its quant. unit, QIC Quantitative Management, and closed the Asia-Pacific fund it managed. The QIC Asia Pacific Market Neutral Fund, which debuted in 2009, had only US$19 million in assets when Queensland pulled the plug; the liquidation, which began in September, is still ongoing, Asian Investor reports.

QIC Asia Pacific never impressed, returns-wise. It gained 0.7% in 2010, lost 2.83% in 2011 and rose 6.7% last year before Queensland elected to close it.

Two members of QICQM's three-person team, Joe Cole and Michiel Swaak, have left the firm. The other, Timothy Sharp, has moved to a different job at Queensland.

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