Hedge Fund Adviser Tozai to Close After Redemptions

Bloomberg – Tozai Investment Advisory Ltd., a Tokyo-based hedge fund adviser, is closing its business after market losses and investor redemptions cut its funds’ assets to zero from a peak of $70 million, a senior partner said.

The Cayman Island-based Trident Pacific Japan Absolute Return Fund, which Tozai advises, was closed last month, Angus McKinnon, senior partner at Tozai said in an interview in Tokyo yesterday. The fund, launched in December 2004, invested in Japanese equities using a so-called long-short strategy that bets on rising and falling stock prices, McKinnon said.

Global hedge funds are bracing for the worst year on record as more than 80 firms liquidated hedge funds, segregated assets or limited withdrawals following the MSCI World Index’s 44 percent drop this year and tightening credit conditions. Citadel Investment Group LLC, the hedge-fund manager founded by Kenneth Griffin, said yesterday it will close its Tokyo office, eliminating 12 jobs.

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