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Alternative Market Briefing

Key hedge fund investors amongst those who lost money in AIJ collapse

Monday, March 05, 2012

From Precy Dumlao, Opalesque Asia: The majority of investors who lost money from the collapse of Japanese hedge fund operator AIJ Investment Advisors Co., were considered to be "bright spot investors" in the Asian hedge fund industry over the last two to three years, said Singapore-based research firm GFIA.

In its monthly newsletter, GFIA said that while the extent of the AIJ debacle remains unclear, initial reports indicate that the firm might have lost most of the $2bn it managed. "As we write, the picture remains confused, with the best guess that we’ve heard being that the losses were private-equity write-offs from some time ago that weren’t written off," the report added.

Most of the clients appear to have been smaller to mid-sized Japanese pension funds, especially those representing unions or homogenous groups of workers (the truck driver pension union in Fukui prefecture, being a typical example).

Last week, Japan’s financial regulator, the Securities and Exchange Surveillance Commission reported that AIJ has "lost" $2.3bn of its clients’ money and alleged that the fund may have been transferred to overseas private investment trust funds and financial institutions, some of which were located in the Cayman Islands and Hong Kong.

The SESC also pledged to look deeper into the di......................

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