Friday, 22 May 2015
Last updated 6 hours ago
Nov 19 2013 | 12:43pm ET
The hedge fund run by former Korea Investment Corp. chief Guan Ong will close its doors, rather than face increased market volatility, it said today.
Ong told Reuters that he would shut his Blue Rice Investment Management and return client capital by the end of the year. The Singapore-based credit specialist currently manages less than US$100 million across two funds.
"The world is going to be a bit more volatile," Ong told Reuters. "The way our funds are structured, we kind of feel that it's best for us to return investors' [capital] when investors are still up."
"We have informed all our investors and we are in the process of unwinding all our positions."
Ong set Blue Rice up in 2009 after a three-year stint as chief investment officer of South Korea's sovereign wealth fund, winning the backing of hedge fund seeders NewAlpha Asset Management and Woori Absolute Partners.
Ong would not say how Blue Rice's funds were doing, but an investor letter indicated that the BRIM Asian Credit Fund, which rose 8.5% last year, was down 1.5% through September.
Blue Rice is only the latest Asian hedge fund to throw in the towel over the past two years, during which time liquidations have outpaced new launches.
Ong declined to comment on his own plans, telling Reuters that he was focused on liquidating his portfolios.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…