Sunday, 28 August 2016
Last updated 1 day ago
Aug 6 2013 | 10:16am ET
Senrigan Capital Group's free-falling assets have bounced back a bit, thanks to its first inflow since the first quarter.
The Hong Kong-based hedge fund received $13 million from an existing investor, an unidentified U.S. institution, Bloomberg News reports. That investor was already one of Senrigan's largest investors.
The vote of confidence comes in spite of continuing difficulties for the Asia-focused event-driven fund, led by former Citadel Investment Group trader Nick Taylor. The firm's Master Fund is down 14% this year, entirely due to losses suffered on the failure of Sichuan Hanlong Group's takeover bid for Sundance Resources. Without that deal's collapse, Senrigan would have returned 5% in the first half.
"Some investors indicated earlier this year that they would add to the fund if they saw positive developments," Suzi-Kay Jacoel, Senrigan's investor-relations officer, told Bloomberg.
The new investment pushed Senrigan's assets under management over US$280 million, down from US$500 million near the end of last year and US$1 billion in 2011.