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Alternative Market Briefing

State Street unit shuts down Japanese fund of hedge funds

Thursday, February 28, 2013

Komfie Manalo, Opalesque Asia – State Street Global Advisors’ alternative unit SSARIS has announced it will close its Japanese fund of hedge funds on concerns about dwindling assets and poor returns.

A report by AsianInvestor.net said that the SSARIS Multi-Manager Japan Equity Fund’s assets fell to an estimated $10m and registered negative 3.16% losses in the first half of 2012 and fell -1.83 % from its 2005 inception to June last year.

The fund is focused on investing in hedge funds that traded Japanese equities.

According to the report, the closure of the fund is an indication of the broader picture of Japanese hedge funds which returned only 6% last year compared with gains made by Asia ex-Japan funds which posted 12% in 2012 and the Nikkei 225 index which rose 23% last year.

It also does not help that investors still don’t have an encouraging opinion of Japan according to the latest survey by Deutsche Bank of hedge investors who expect Tokyo to be one of the top three worst-performing regions this year.

SSARIS closure of its Japan fund is a complete turnaround from its rosy outlook in Asia in June 2012 when it increased its exposure to Asia-based strategies for its fund of hedge fund range, given th......................

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