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Alternative Market Briefing

Hedge fund managers and traders are leaving Asia as opportunities dwindle

Wednesday, March 06, 2013

From Komfie Manalo, Opalesque Asia – Hedge fund managers, traders and finance analysts are leaving Asia as poor returns left many of them unable to collect performance fees arising from the 2008 global financial crisis.

In a report, Bloomberg said the majority of these managers and traders have now found jobs in mutual funds, endowments, consulting firms and companies outside of the money-management business and have accepted paychecks lower than what they used to get.

One of those who left was Paul Smith who transferred to Hong Kong from London 17 years ago to try his luck in the Asian hedge funds space.

The 53-year-old hedge fund veteran was quoted as saying, "I decided not to wait the cycle out but to do something more productive with my time. The hedge fund industry in Asia will continue to struggle to raise funds for the next few years as banks continue to have liquidity issues." Smith is now head of the Asia Pacific office of the not-for-profit CFA Institute, the global association of chartered financial analysts.

Data from Asia-based hedge fund data provider Eurekahedge showed that hedge fund assets fell 28% from their peak in 2007 while assets of hedge funds across the globe jumped 21% since 2007 to reach a record high $2.3tln as at end December 2012.

Will Tan, managing director at Singapore-based Principle Partners added......................

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