ACQ Closing Most Funds As Assets Fall Below $100M

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...