Boyer Allan Investment Management is shutting two of its hedge funds after losses and a fall in assets this year, sources familiar with the matter said, lengthening the list of Asia focused funds that have closed this year.

The company, which was founded in 1998 and managed about $1.8bn in three products before the financial crisis, was shutting its pan-Asia Boyer Allan Pacific fund after an 18.7 percent loss up to the end of November, according to the sources.

It is also shutting the Boyer Allan Greater China fund, which has lost 7.8 percent this year. The firm will continue to run its Boyer Allan Pacific Opportunities fund.