Sparx Group Co., Asiaâ??s biggest hedge-fund manager with $8.8 bn in assets, will close its U.K. office and some U.S. operations amid investor withdrawals and declining earnings. Sparx will close London-based Sparx Asset Management International Ltd. and retreat from U.S. operations except its mutual fund businesses, according to Shuhei Abe, president and chief executive officer, of Sparx. The Tokyo-based firm plans to cut fixed annual costs to 7.8 bn yen ($82m) from the current 10.2 bn yen, according to Abe.
Investor withdrawals and market losses cut Sparxâ??s assets under management to 839.1 bn yen as of Oct. 31 from a peak of 2 trillion yen in August 2006. Sparx was ranked by Alpha magazine as Asiaâ??s largest hedge fund manager at the end of March.
