Bloomberg – DragonBack Capital Ltd., a Hong Kong-based manager co-founded by a former Lehman Brothers Holdings Inc. executive, reopened its flagship hedge fund to investors after redemptions cut assets in the fund.

Assets in the Asia-Pacific Equity Multistrategy Fund fell 47 percent from the end of October peak, to $310 million, Chief Executive Officer Robert Lance said in an interview yesterday.

The fund’s 3.75 percent gain in 2008 put it among less than a third of hedge funds that made money in the worst year for the global industry. Investors have reduced holdings in some profitable funds after their weightings in portfolios exceeded limits set for specific hedge fund strategies.

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