Reuters reports that Hong Kong-based Sharp Peak Capital is shutting down its hedge fund after double digit losses since its launch in October last year, a source with direct knowledge of the matter said, expanding the list of closures this year in Asia.

The Sharp Peak Vega Fund, a volatility hedge fund which sought to profit from price swings in Asian securities, had lost 15.5 percent up to end of July this year and 21.5 percent since the launch.