Wednesday, 26 November 2014
Last updated 6 hours ago
Nov 26 2008 | 3:09am ET
While many Western hedge funds are scaling back their operations in hard-hit Asia, or eliminating them altogether, the region’s largest hedge fund manager is doing the opposite.
Tokyo-based Sparx Group, which has seen its assets under management fall by almost 60%, said it will close its U.K. office and drastically reduce its U.S. presence after posting a first-half loss of ¥1.15 billion (US$11.6 million). The hedge fund has announced plans to slash annual fixed costs by about 20%.
“We want to take additional cost-cutting measures as we head toward March,” president and CEO Shuhei Abe said. “We must adjust our cost structure so that it makes sense will the current size of our business.”
To that end, London-based Sparx Asset Management International will close. Sparx will also eliminate all of its U.S. operations except for its mutual fund business.
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