Sparx Fly In London, U.S. As Asian Hedge Fund Cuts Back

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.

In Depth

The Importance of Stability in the Evolving Hedge Fund Administration Market

Oct 5 2015 | 8:17pm ET

Hedge fund administration has evolved from simple record keeping to an integral,...


Citadel's Griffin Reaches Settlement in Contentious Divorce

Oct 8 2015 | 10:14pm ET

Billionaire hedge fund manager Ken Griffin and his wife have settled a long-running...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note