Bloomberg – 21st Century Asset Management Co., run by former Nomura Asset Management Co. executive Takanori Shimizu, said it may seek growth through takeovers after the worst year on record for hedge funds.

Shimizu, 63, said he will also cut costs as the Tokyo-based firm strives to boost assets under management to 40 billion yen ($440 million) by the end of March 2010, from 14 billion yen as at Dec. 31, 2008.

“We are carefully considering possible cost cuts just like any other firm,” Shimizu said in an interview yesterday. “Acquiring another asset management firm to boost our assets may be a good strategy and we’re always on the lookout.”

The global credit crisis forced as many as 920 hedge funds out of business last year while the tally of job losses at financial firms worldwide reached 269,000. Last week, Rheos Capital Works Inc., a Tokyo-based hedge fund, said it would sell a majority stake to IS Holdings Inc. to weather the slowdown.

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