(Bloomberg) China Everbright Ltd., a Hong Kong-based money manager that runs more than $5 billion, is closing a China-focused hedge fund after performance suffered during the nation’s market rout last year.
The firm has reallocated half of the money from the $30 million Everbright Dynamic Opportunities Fund, which employed a long-short equity strategy, into the $50 million long-only Everbright China Focus Fund, said Keith Wu, managing director of firm’s unit China Everbright Assets Management Ltd. The Dynamic fund lost 16 percent last year after surging 24 percent in 2014, prompting the firm’s decision to consolidate its stock funds and focus on the better-performing strategy, Wu said. Another reason for the change was that the strategies of both funds partly overlapped, he added.
