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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...