London Firm Closes Japanese Convertible Bond Fund

Apr 16 2009 | 1:22am ET

Another Asia-focused hedge fund has bit the dust. London-based Stratton Street Capital has closed its Dejima Fund, which had seen almost 99% of its assets disappear due to poor performance and investor redemptions.

Stratton Street shuttered the fund at the end of February, Dow Jones Newswires reports. The firm, which focuses on investments in Asia, transferred the fund’s remaining assets—it had fallen to just US$1.1 million from a peak of about US$90 million—to another of its funds, the Japan Synthetic Warrant Fund.

“Assets in the fund became relatively too small to make it commercially viable,” Stratton Street managing partner Andrew Main told Dow Jones. “As you can imagine, geared long Japan over the last few years wasn’t necessarily the best place to be invested.”

Dejima, which launched in 1998, invested in options on Japanese convertible bonds.


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