State Street Axes Small Japan Fund Of Funds

Feb 28 2013 | 10:57am ET

State Street Global Advisors has shuttered a Japan-focused fund of hedge funds.

The firm's SSARIS unit pulled the plug on the Multi-Manager Japan Equity Fund due to its low level of assets, thought to have been around US$10 million, Asian Investor reports. The fund's performance wasn't much to speak of, either: It lost 3.16% in the first six months of last year, leaving it down 1.83% since its inception eight years ago.

The fund was managed by SSARIS CEO Mark Rosenberg and Jim Tomeo, the unit's chief operating officer.

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