Saka closes hedge fund as low interest rates fail to generate 'sensible returns'

Singapore

SAKA Capital, the money manager started seven years ago by a former Lehman Brothers Holdings Inc trader, is closing its credit hedge fund as record low interest rates put a damper on returns.

The Singapore-based asset manager is liquidating the SakaCapital Liquid Credit Fund and returning money to investors, chief executive officer Assan Din said. The vehicle, whose assets peaked at US$350 million in 2012, stopped trading in July this year. The firm is converting into a multi-asset family office, focusing on real estate, equities, debt and currencies, and will invest money for the management team and people close to them.