The embattled Sparx Group is continuing to cut costs with plans to close its U.S. unit.

Asia’s largest hedge fund manager had earlier slashed its U.S. business to just two mutual funds in an effort to save money. But now the American group is to go the way of Sparx’s London office, saving the firm an additional ¥400 million (US$4.2 million) per year, Bloomberg News reports.

Sparx will continue to distribute its funds in the U.S. through an arrangement with an investment advisory firm.

The firm’s profits have tumbled along with its assets under management, which have dropped from ¥2 trillion (US$20.8 billion) to ¥674 billion (US$7 billion) over the past three years. In the year ended March 31, the Sparx posted a ¥23.3 billion (US$224.3 million) loss. Shuhei Abe, Sparx president, has vowed to return the firm to profitability this year, and is seeking to cut annual costs by ¥6 billion (US$62.9 million) by next year.