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Sparx to close U.K. office
  Hedgeweb - THU, NOV 27 2008
Funds & Investment Sparx Group Co., Asia??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 Sparx??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 Asia??s largest hedge fund manager at the end of March.

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