Sumitomo said to liquidate Japan hedge fund as clients pull out
Redemptions have cut its assets to just over US$10m; industry is suffering its biggest outflows since 2009
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Singapore
SUMITOMO Mitsui Trust Holdings Inc is liquidating a Japan-focused hedge fund after investors withdrew money following poor performance, according to people familiar with the matter, adding to the list of casualties as the industry suffers its biggest outflows since 2009.
The firm's asset-management unit is liquidating its Sumi Trust Japan L-S I Alpha after client redemptions cut assets to just over US$10 million, said one of the people, who requested anonymity discussing private information. Launched in 2007, the fund's assets peaked at about US$100 million in 2012 and suffered annual losses over the last two years, the person added.
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