Hedge Funds Close, Cut Or Delay Asian Offices

Oct 16 2008 | 2:38am ET

Few, if any regions, have been hit as hard by the turmoil roiling the hedge fund industry as Asia, leading several firms to retrench or pull out of the region altogether.

At least three international hedge fund shops have closed their doors in the region, Bloomberg News reports. Two of those leaving Asia are Concordia Advisors and GSA Capital Partners, while several others are reducing their presence on the other side of the Pacific.

Until recently, hedge fund firms were flocking to Asia, opening offices to take advantage of investment opportunities as well as the growing demand for alternative investments among Asian investors. But amid one of the most difficult periods in the history of the industry, hedge funds are closing, rather than opening, offices in Asia, with some planned offices now delayed, Bloomberg says.

GSA, which as recently as August was boosting its headcount in Hong Kong, has closed that office. Concordia, meanwhile, last month shuttered its two-and-a-half-year-old Singapore office.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...