Bloomberg ‘ Asia Genesis Asset Management Pte, whose Japan Macro Fund has outperformed peers, is closing down its two hedge funds and returning money to investors.

“I need some time to recuperate from weak health,” founder Chua Soon Hock, 50, said in an e-mailed reply to queries from Bloomberg News. “In past years, I have been doing 18-hour workdays with very active positions’ management to keep downside volatility of funds very low. I cannot do that with my current health conditions.”

The Singapore-based hedge-fund firm will return all money invested in the $761 million Japan Macro Fund and $12 million in the Asia Genesis Equity Fund to investors by mid-September, Chua said on Aug. 14.

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Bloomberg – Asia has been good to hedge funds this year. The Eurekahedge Asian Hedge Fund Index climbed 4.2 percent in July, while funds in North America and Europe rose 2.1 percent and 1.9 recent, respectively. Preliminary reports show Asian funds are up 18.7 percent this year, compared with 13.7 in North America and 11.8 in Europe, according to Eurekahedge Pte.

The Singapore-based research firm’s findings may not be the tonic they appear — not if Hong Kong billionaire Li Ka-shing has anything to say about it.

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Tags: asian funds, bloomberg asia, europe, hedge-fund-index, hong kong billionaire, li ka shing, north-america, singapore, tonic