Tozai Investment Advisory Ltd., a Tokyo-based hedge fund adviser, is closing its business after investment losses and redemptions cut its fundsâ?? assets to zero from a peak of $70m.Trident Pacific Japan Absolute Return Fund, a Cayman Isalnd-based fund which Tozai advised, was closed last month, Angus McKinnon, senior partner at Tozai said in an interview in Tokyo yesterday. The fund, launched in December 2004, invested in Japanese equities using a long-short strategy that bet on rising and falling stock prices.
McKinnon said that the "company tried to stay alive, but operationally it became impossible" and that they are now "in the process of shutting down the business."
