Komfie Manalo, Opalesque Asia: Hong Kong-based hedge fund firm Myriad Asset Management led by
Carl Huttenlocher has announced plans to shut down its Japan-focused hedge
fund, Japan Reflation Fund, less than a year after its launch because of
uncertainties regarding the so-called Abenomics.
According to Bloomberg, the $4bn Myriad Asset has revised its outlook
on Japan and is less optimistic that Prime Minister Shinzo Abe can
turnaround the nation’s economy and stop deflation through various stimulus
programs.
The report cited an unnamed source claiming that Myriad has started to
liquidate the $420m Japan Reflation Fund since the end of last year and
returned investors money.
Myriad outlook on Japan reflects the bearish stance of global investors,
including BlackRock which has ended its bullish calls on Abe’s economic
measures, with economic indicators deteriorating, backfiring of a stimulus
plan by the Bank of Japan and the surge in the yen.
As of May 4, the benchmark Topix is the fourth-worst performing primary
stock according to Bloomberg in local currency terms as it fell almost
16%. Foreign investors have been selling Japanese equities, the report
added.
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