Wednesday, 22 March 2017
Last updated 23 min ago
Feb 8 2013 | 4:35am ET
Swiss fund of hedge funds Syz & Co. has shuttered an underperforming Asia-focused vehicle.
The US$15 million Oyster Multi-Manager Asia fund closed on Jan. 31, Asian Investor reports. The fund's portfolio was added to Syz's Oyster Multi-Strategy Fund.
Oyster Asia, which had more than one-third of its assets invested in China-focused managers, suffered from down years in 2010 and 2011, and was flat last year. That combined with its small size, and not Syz's feeling about Asian opportunities, led to the decision to close it.
The fund's demise "does not mean we're no longer positive about Asian hedge funds," a spokesman for Syz told AI.
Oyster Asia's assets were barely a drop in the bucket for Syz, which has US$26 billion in assets under management.