HONG KONG, Sept 26 (Reuters) - 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)