Prime Broker Closes Asia Office

Mar 10 2009 | 12:27pm ET

The contraction of the Asian hedge fund industry is being felt by the region’s service providers. Prime broker Pali Holdings is closing its only office in Asia as its customers have cut back on their trading.

Pali opened the Singapore office in October 2007, Dow Jones reports. At its peak, the office employed 11 people, but that number fell to five in recent months as Pali clients curtailed their trading.

The Singapore office opened with US$8 billion in capital.

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