Kanetsu Will Close DragonHorse, Exit Hedge Funds
Tuesday, February 3, 2009 : PermalinkBloomberg – Kanetsu Asset Management Co. will liquidate hedge funds, including Japan’s best performer last year, as commodities trading shrinks, a company executive said.
The Tokyo-based firm will shut DragonHorse, which according to data provider Eurekahedge Pte returned 27 percent in 2008, the highest among Japan-based hedge funds. Kanetsu Asset will also close two other hedge funds before the firm shuts at the end of March, because computer-driven trading of commodities has become less viable as volumes have declined, President Takashi Ogura said in a telephone interview today.
As many as 920 funds globally may have closed last year, eclipsing the previous record of 848, according to Chicago-based Hedge Fund Research Inc. Japan’s dwindling commodities market and regulatory hurdles to combining commodities trading with financial securities hindered Kanetsu Asset, which had 800 million yen ($8.9 million) in assets.
Tags: asset management co, assets, bloomberg, commodities market, commodities trading, company executive, data-provider, eurekahedge, financial securities, hedge-fund-research, japan, kanetsu, ogura, regulatory hurdles, takashi, telephone-interview, tokyo, yen
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