Former Lehman Brothers trader Allan Bedwick is shutting his US$120 million (S$155 million) Asia-based global macro hedge fund after a two-and-a-half-year struggle to boost assets.
Hong Kong-based Bedwick is Asia\'s latest hedge fund victim of the global economic woes as fears of a worsening euro zone debt crisis, and slowing growth make investors look for safety in large and well-established funds.
His Sequence Fundamental Macro Fund, which will be shut by end-June, gained 0.1 per cent in the first three months of 2012 versus a 1.9 per cent gain in the Eurekahedge global macro hedge fund index.
The fund reported a 3.1 percent gain in 2011, outperforming a 1.2 per cent drop in the index.
Hong Kong-based Bedwick is Asia\'s latest hedge fund victim of the global economic woes as fears of a worsening euro zone debt crisis, and slowing growth make investors look for safety in large and well-established funds.
His Sequence Fundamental Macro Fund, which will be shut by end-June, gained 0.1 per cent in the first three months of 2012 versus a 1.9 per cent gain in the Eurekahedge global macro hedge fund index.
The fund reported a 3.1 percent gain in 2011, outperforming a 1.2 per cent drop in the index.