Saturday, 28 May 2016
Last updated 18 hours ago
Feb 6 2014 | 1:12pm ET
Hedge fund Asian Century Quest Capital is shutting all but one of its hedge funds as its assets under management have dropped by 95% over the past two years.
Among the casualties is the New York-based firm's long/short equity fund. Only ACQ's long-only Equity Income Fund will survive, according to CNBC.
ACQ managed $1.74 billion in 2012, but is down to less than $100 million after a period of sub-par performance. ACQ's flagship rose just 5.5% last year, about half the return of the Dow Jones Asia/Pacific Total Stock Market Index.
ACQ founder Brian Kelly, formerly of Maverick Capital Management, has laid off all but nine of the 33 people who worked at the firm last year. Among the survivors are Paul Saferstein and Adam Wolfman, who had considered leaving ACQ to found their own firm.
Most of the money from the liquidating funds has already been returned to investors.
ACQ's flagship returned 76.6% to investors since its inception nine years ago.