| HONG KONG, Sept 26
HONG KONG, Sept 26 Hong Kong-based Sharp Peak
Capital is shutting down its hedge fund after double digit
losses since its launch in October last year, a source with
direct knowledge of the matter said, expanding the list of
closures this year in Asia.
The Sharp Peak Vega Fund, a volatility hedge fund which
sought to profit from price swings in Asian securities, had lost
15.5 percent up to end of July this year and 21.5 percent since
the launch, a fund information document seen by Reuters showed.
As many as 73 Asia-focused hedge funds have shut down so far
in 2012 as investors punish underperformance and rethink their
allocations after an 8.3 percent loss last year in regional
hedge funds as measured by the Eurekahedge Asia index.
The index was up 1.6 percent up to end of August this year,
trailing a 2.6 percent rise in the MSCI Asia index
Sharp Peak was co-founded by Jean-Guy Renard and Jonathan
Hodgson, both former executives at Credit Suisse, and Nils
Razmilovic, who earlier worked at TransMarket Group.
The fund was part of Hong Kong-based DragonBack Management
Platform that provided Sharp Peak with support such as risk
management, compliance and client services.
When contacted by Reuters, Philip Tye, founding partner and
managing director of DragonBack Capital, responded via email
with no comment on behalf of Sharp Peak. Renard could not be
reached for a comment.
The news was first reported by Investment & Pension Asia
that said Sharp Peak Vega Fund managed about $50 million.
Renard has left the firm with his licence with DragonBack
ending on April 23, according to records on the Hong Kong market
regulator's website. His name was missing from Sharp Peak's
newsletter for April, according to documents seen by Reuters.
(Reporting by Nishant Kumar; Editing by Jacqueline Wong)