Sparx to close U.K. office | Morgan Hedge | Hedgefonds Datenbank & Research
  • English   Deutsch   
  •  GMT      
  • LONDON      
  • FRANKFURT      
  • NEW YORK      
  • SAO PAULO      
  • TOKYO      
  • SYDNEY      
Hedge Fund Database
Morgan Hedge
USERNAME

PASSWORD

FEATURED SERVICE PROVIDER

  Hedgefonds Suche
Name, ISIN, Ticker:
  

Hedgefonds Suche  Detailsuche
  Datenbank Statistik
Hedge Fonds:9.950
HF Professionals:16.367
Service Provider:515
Sparx to close U.K. office
 
  Hedgeweb - DO, 27. NOV 2008
Funds & Investment Sparx Group Co., Asiaâ??s biggest hedge-fund manager with $8.8 bn in assets, will close its U.K. office and some U.S. operations amid investor withdrawals and declining earnings.

Sparx will close London-based Sparx Asset Management International Ltd. and retreat from U.S. operations except its mutual fund businesses, according to Shuhei Abe, president and chief executive officer, of Sparx. The Tokyo-based firm plans to cut fixed annual costs to 7.8 bn yen ($82m) from the current 10.2 bn yen, according to Abe.

Investor withdrawals and market losses cut Sparxâ??s assets under management to 839.1 bn yen as of Oct. 31 from a peak of 2 trillion yen in August 2006. Sparx was ranked by Alpha magazine as Asiaâ??s largest hedge fund manager at the end of March.

 
 
© Morgan Hedge™ · HEDGEweb™
Morgan Hedge and HEDGEweb are Trademarks of morganhedge.com, TAA LLC and VIImedia S.A.