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.