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.