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Hong Kong-based Richland to shut hedge funds in surprise move

HONG KONG (Reuters) – Hong Kong-based Richland Capital Management Ltd is shutting down its hedge funds despite outperforming peers, four sources said, an unexpected move for a successful operator in an Asian industry which is struggling to raise assets.

Richland is one of Asia’s best-known hedge funds. It manages $100 million between two funds and advises on an additional $150 million for wealthy clients, according to a fund information document obtained by Reuters.

The hedge fund, founded in 2006 by former HSBC Holdings Plc trader Alex Au with Eva Lo, who earlier worked at Credit Suisse Group AG , has made money for its main Richland Asia Absolute Return Fund each year since launch, including a 5.3 percent gain in 2008.

An e-mail to Lo and Au remained unanswered. The sources, who have direct knowledge of the matter, declined to be named as they were not authorized to speak on the matter.

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