ACQ Closing Most Funds As Assets Fall Below $100M

Feb 6 2014 | 2:12pm 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

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of