(Bloomberg) Truston Asset Management Co., a South Korean investment firm that managed $8.5 billion as of August, is closing its office in Singapore and a hedge fund based in the city. The Truston Falcon Asia Fund had bet on rising and falling stocks in South Korea, Japan, Hong Kong and China, reporting a 6 percent decline in the year through July 2017. That return lagged behind the the MSCI AC Asia Index by 25 percentage points, according to Truston’s website, which didn’t give more recent figures. Still, Truston said the closure of the Singapore office wasn’t related to the hedge fund’s performance and cited the company’s desire to consolidate operations in Seoul. Founded in 1998 by Sung Taek Hwang, the investment firm specializes in Korean equities and manages money for investors including pension funds, insurance companies and state funds, according to its website.
Hedge Fund Closing as South Korean Firm Retreats From Singapore
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