Everbright closing China hedge fund after poor returns during last year's rout

Singapore

CHINA Everbright Ltd, a Hong Kong-based money manager that runs more than US$5 billion, is closing a China-focused hedge fund after its performance suffered during the country's market rout last year.

The firm has reallocated half of the money from the US$30 million Everbright Dynamic Opportunities Fund, which employed a long-short equity strategy, into the US$50 million long-only Everbright China Focus Fund, said Keith Wu, managing director of firm's unit China Everbright Assets Management Ltd.