Singapore hedge fund Asia Genesis Asset Management is closing down its flagship macro fund as investors bolted after its managers made “big mistakes” and lost confidence following wrong-way bets on Chinese and Japanese stocks.
The fund said it would return money to investors as it was the logical and prudent way forward to avoid incurring further losses, according to a letter to fund investors seen by the Post. Genesis suffered an unprecedented withdrawal of about 19 per cent of its fund in the first few weeks this month.
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